Amended Return

Filed Under » ,
Dictionary Says

Definition of 'Amended Return'

A return filed in order to make corrections to a tax return from a previous year. An amended return can be used to correct errors and claim a more advantageous tax filing. For example, one might choose to file an amended return in instances of misreported earnings, tax credits or dependents. Mathematical errors, however, would not require amendments, as the IRS would automatically correct for such errors.
Investopedia Says

Investopedia explains 'Amended Return'

The applicable tax form required to file an amended return is Form 1040X, which can be found on the IRS website. There is, however, a three-year statute of limitations on the filing of amended returns for the purpose of increasing a tax refund. An amended return filed to account for a return that resulted in underpaid taxes does not fall under any such statute.

Articles Of Interest

  1. Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  2. 10 Money-Saving Year-End Tax Tips

    Getting organized well before the deadline will curb your frustration and your tax liability.
  3. 5 Money Moves To Make In September

    From a financial perspective, September is a great time for a quick reboot of your financial mind-set.
  4. Tax Holidays For Back-To-School Shopping 2013

    Find out the types of back-to-school purchases that are exempt from sales tax for each state that is holding a tax holiday.
  5. The Pros And Cons Of Pension Maximization

    Pension maximization can be an effective solution to the single versus joint life payout dilemma that many retirees face. But, there are several factors, such as tax and investment matters, ...
  6. New Tax Rules Target The Top Tax Bracket

    The American Taxpayer Relief Act brings about new tax rules for the wealthy that people such as Warren Buffett have been calling for over the last few years.
  7. The Financial Fallout Of The DOMA Repeal For Same-Sex Couples

    The recent Supreme Court decision to repeal the Defense of Marriage Act has paved the way for same-sex couples to enjoy the same federal benefits as opposite-sex couples.
  8. 3 Financial Tasks We Think Are Harder Than They Really Are

    Use these three tips to help put your financial situation into perspective. It turns out, organizing your finances isn't nearly as hard as you thought.
  9. Know Your Cost Basis For Bonds

    Nobody likes taxes, but tax reporting is an inevitable and unavoidable part of investing. If you buy stock, determining your costs basis is a slightly frustrating but fairly straightforward exercise. ...
  10. Has Income Tax Become A Class Tax On The Poor?

    With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ...
comments powered by Disqus
Marketplace
Hot Definitions
  1. Network Effect

    A phenomenon whereby a good or service becomes more valuable when more people use it. The internet is a good example...
  2. Racketeering

    Racketeering refers to criminal activity that is performed to benefit an organization such as a crime syndicate. Examples of racketeering activity include...
  3. Lawful Money

    Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves.
  4. Fast Market Rule

    A rule in the United Kingdom that permits market makers to trade outside quoted ranges, when an exchange determines that market movements are so sharp that quotes cannot be kept current.
  5. Absorption Rate

    The rate at which available homes are sold in a specific real estate market during a given time period.
  6. Yellow Sheets

    A United States bulletin that provides updated bid and ask prices as well as other information on over-the-counter (OTC) corporate bonds...
Trading Center