An amended tax return is a return that changes the filing of your original return. An amended tax return must be filed within three years of the due date of the original return according to the IRS statute of limitations.
When a person files their original return, they are affirming under penalty of perjury that their return is true and accurate to the best of their knowledge. However, many things can arise after the fact that present new information. For instance, a K-1 form that arrives well after April 15th or 1099 forms from brokerage accounts, which have been amended and could change the filing of the original tax return. Continue reading