An amended return is a tax return that a taxpayer files after submitting their original return in order to correct or update information. Mistakes on tax returns are quite common and individuals and businesses can file an amended return if they realize there was an error or omission in their initial filing. This could include fixing incorrect income figures, changing filing status, adjusting deductions or credits, or even adding forgotten forms.
Amended returns are typically submitted using IRS Form 1040-X for individual taxpayers. Unlike regular tax returns, amended returns must be mailed to the IRS — electronic filing is only recently becoming available for certain years and situations. It’s important to note that amending a return can lead to either a refund or an increase in taxes owed, depending on the nature of the correction.