Business, Legal & Accounting Glossary
An amended return is a tax return filed to correct a previous year’s return. The amended return may be filed with the IRS, one’s state revenue department, a city taxing agency, or any of several others. For a federal amended return, one uses Form 1040X to file the amended return. Filing an amended return for federal taxes may require amending one’s state tax return, and possibly other documents, too. A taxpayer may file an amended return for any of several reasons: mathematical errors, to take advantage of tax deductions or credits not used on the original return, to report income not reported on the original, or to incorporate certain other pieces of information that were sent to the taxpayer late.
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This glossary post was last updated: 4th February, 2020 | 2 Views.