Amended Return

An amended return corrects a filed tax return: individuals file Form 1040-X, corporations file 1120-X, and partnerships generally file an administrative adjustment request under the centralized audit regime. Refund claims have a deadline: generally the later of three years from when the original return was filed or two years from when the tax was paid. Common triggers include corrected 1099s or late K-1s, missed deductions and credits, basis corrections, and claiming retroactive elections or relief. Not every error needs amending: the IRS fixes arithmetic mistakes itself, and a forgotten W-2 often just generates an automated notice. Amending to claim a legitimate refund does not meaningfully raise audit risk, though the claim gets a human review at higher amounts. Individuals can e-file 1040-X for recent years, and state amendments usually must follow federal ones. Interest is paid on refunds and charged on balances from the original due date.