What is an amended tax return excatly?
You would file an amended income tax return, form 1040X, with the IRS if you need to make any change on an income tax return you have previously filed. You may need to add income you did not report originally, claim a credit, correct deductions, add or deduct a dependent you should or should not have claimed, or any other reason that requires you to change your return. Many times an amendment will create an additional refund or balance due. At times it will make no change to the bottom line, but an item was reported incorrectly. If you are due a refund from an amendment, you will only receive the amount generally within the 3 years after the due date of the original tax return. Therefore, you are able to receive a refund, if approved, on a 2005 income tax return only if filed before April 15th, 2009. Now if you owe to the IRS you will be required to pay if the amendment creates a balance due on any past return. Preparing the 1040X can be simple or it can be very difficult. It must be p
