windyMagician
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LSDefine
Simple English definitions for legal terms
amended return
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A quick definition of amended return:
Amended return: A form that you fill out to correct mistakes on a previous tax return. A tax return is a form that you fill out to report how much money you made and how much you owe in taxes. An amended return is like a second chance to fix any errors you made on your original tax return.
A more thorough explanation:
Definition: An amended return is a revised tax return that is filed by a taxpayer after they have already filed their original tax return. It is used to correct errors or make changes to the information reported on the original return.
Example: Let's say that John filed his tax return for the year 2020, but later realized that he had made a mistake in reporting his income. He would need to file an amended return to correct the error and avoid any potential penalties or interest charges.
Explanation: This example illustrates how an amended return is used to correct errors or make changes to a previously filed tax return. It is important to file an amended return as soon as possible after discovering an error to avoid any potential penalties or interest charges that may accrue over time.