Amended Return

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Amended Return

A tax return in the United States correcting one or more errors on a return from a previous year. One files an amended return if events have shown that a taxpayer likely has a greater or lesser tax liability than previously thought. The IRS uses File 1040X to file amended returns.

Amended Return

A tax return filed on Form 1040X after the original return has been filed. An amended return is used to correct errors or to claim more advantageous ways of filing the original return. An amended return can also be used to carry back certain unused credits or a net operating loss.
References in periodicals archive ?
If not, amended returns for the LLC and all of its members would be needed.
When effective: Notice 2004-54 applies to any original return, amended return or extension request filed after 2003.
Under Method 2, a taxpayer would not include deductions or adjustments to E&P; these deductions or adjustments were to be included on an amended return to be filed no later than the deadline for revoking the election (i.
446-1T(e)(2)(ii)(d)(3)(i): it either can file (1) an amended return to correct the life; or (2) Form 3115, Application for Change in Accounting Method, to obtain automatic approval to switch to a different depreciable life, thus avoiding an amended return.
Permit a taxpayer to file an amended return and pay the tax and interest associated with an abusive tax shelter and avoid the assessment of a variety of penalties;
As computed by the Internal Revenue Service and the General Accounting Office, the "amount of tax due," however, clearly encompasses items that do not result from noncompliance, including (1) adjustments voluntarily made by taxpayers on qualified amended returns (i.
Even if all of the prior years were within the SOL, X would have to file amended returns for all of the affected years; each owner of X would also have to file an amended return to recover the lost depreciation expense.
Further, it will not issue refunds on amended returns claiming an interest deduction based on the case.
A provision of the President's 1993 Budget would amend section 6611(e) of the Internal Revenue Code to extend the 45-day grace period to all types of taxes and to amended returns as well as claims for refunds.
6664-2(c)(4), the rules on qualified amended returns may be modified by revenue procedure for "particular classes of taxpayers.
A letter to the IRS advising it that the taxpayer is in the process of preparing amended returns or unfiled returns.
Amended returns also should be filed by taxpayers who received educational assistance through their employers' qualified plans during the last six months of 1992.