Amended Return


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Related to Amended Return: Form 1040X

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 ?
In the district court, the Baldwins offered the testimony of two of their employees who deposited the amended return in a mailbox at the Hartford, Conn., post office on June 21,2011.
The Bureau of Internal Revenue (BIR) will impose a 20 percent interest and 25 percent penalty for taxpayers with amended returns that contain additional taxes unaccounted for in their previous income tax declarations, according to Revenue Commissioner Caesar Dulay.
When a taxpayer properly files a qualified amended return, the IRS will not assert the accuracy penalty with respect to any additional liability.
6501(c)(7) to apply, the IRS must actually receive the amended return before the normal assessment limitation period expires.
Both provisions are retroactive, so some qualifying taxpayers must file amended returns to claim these tax breaks.
What Are Some Considerations for Advising a Client on Filing an Amended Return?
In the situation where a taxpayer mails the amended return and payment before the end of the limitation period, but the IRS actually receives the return and payment after the period has expired, the payment is treated as a statutory overpayment under Sec.
A superseding return is filed on an original return form, not an amended return form, and must be a complete filing of the entire return, with all required forms, schedules, and attachments.
* If the amended return is based on an audit, FTB collection staff will work with audit staff to determine the accuracy of the return.
To ensure that you get the credit you deserve, determine whether you paid the special tax during your 2004 tax year and file an amended return if necessary to claim the credit.
* An amended return correcting an error may ameliorate the consequences of the error.