Amended Return
TaxGlossary term
Definition
A revised tax return (Form 1040-X) filed to correct errors or make changes to a previously filed return. Common reasons include unreported income, incorrect filing status, or missed deductions and credits. Generally must be filed within three years.
Related terms
- Tax AuditA review of your tax return by the IRS to verify that income and deductions are reported accurately. Audits can be conducted by mail or in person and may result in additional taxes owed, penalties, or a refund.
- Tax DeductionAn expense that can be subtracted from gross income to reduce taxable income. Common deductions include mortgage interest, student loan interest, and charitable contributions.
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