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LSDefine
Simple English definitions for legal terms
amended tax return
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A quick definition of amended tax return:
An amended tax return is a form you fill out to fix mistakes you made on your original tax return. Mistakes can include things like reporting the wrong amount of money you earned or claiming the wrong number of dependents. You can also use this form to get a refund if you forgot to claim a credit. The form is called Form 1040X and you can file it electronically or by mail. If you file this form, you won't get in trouble for not reporting income or not paying enough taxes. The IRS will correct any math mistakes for you, so you don't need to file an amended tax return for those.
A more thorough explanation:
An amended tax return is a form that you file with the Internal Revenue Service (IRS) to correct mistakes that you made on a previously filed tax return. This form is called Form 1040X.
Some examples of mistakes that you might need to correct include:
- Misreporting your earnings or tax credits
- Claiming the wrong number of dependents
- Choosing the wrong filing status
- Forgetting to claim a credit
If you realize that you made a mistake on your tax return, it's important to file an amended tax return as soon as possible. This will help you avoid any penalties for failing to report income or not paying enough taxes.
Here's an example:
Let's say that you filed your tax return for the previous year and claimed a tax credit for buying a new electric car. However, you later realized that you forgot to claim another tax credit for installing solar panels on your home. In this case, you would need to file an amended tax return to correct your mistake and claim the additional credit.