Is it worth filing an amended return?

Q: I already filed my 2003 taxes when I found out I could’ve deducted my laser eye surgery expense of $1400. Is it worth filing an amended return? If so, how do I go about doing that? —Kelly, Allston

The following answer was provided by - Martin Gredinger, CPA.

A: It depends on your tax bracket, and if you currently itemized your medical deductions. Medical deductions must exceed 7.5% of your adjusted gross income to be considered.

Assuming you currently itemize and have sufficient medical deductions, the next hurdle is the tax benefit of filing an amended return. If you pay a preparer, consider that in a 28% tax bracket, your tax savings from amending the return would be $392. If you have to pay an accountant to get the money back by preparing 1040X, the amended return, it may not be worth it.

If you can get the 1040X prepared on your own, with ease, it might make some sense.