There’s only one activity I enjoy more than the slow, tooth-pulling agony of preparing my taxes: Preparing my taxes twice.

Lucky me! I just found out that I need to file an amended tax return for 2007, a realization that comes shortly on the heels of receiving a huge refund. I want off this emotional rollercoaster!

Why amend? I went back to school in September, so I took the Lifetime Learning Credit, on the advice of my tax prep software. However, yesterday I discovered that the school I’m attending doesn’t participate in federal student aid programs, even though it’s accredited and well-established.

In short: No FAFSA, and no Form 1098-T from the school. I can’t claim a cent in tuition tax credits. This means I will have to pay back a large portion of my refund. ARGH.

If you find yourself in my predicament, there is a surprising amount of help on the web. About.com has a good guide for filing an amendment, including how to report the changes in detail.

If it’s possible you might not need to amend in the first place, consider the hassle required. Paula wrote a post last year that argued for skipping the amended return unless it was absolutely necessary. In my case, unfortunately, I think it’s necessary, unless I want the IRS to come after me, demanding payment with interest.

Have any of you ever needed to file an amended return? Is the process as torturous as I’m dreading?