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A corrected return is one that has been filed to update a prior year’s tax return. An updated return can fix mistakes and assert a more favorable tax status, such a rebate. If wages or tax credits were incorrectly reported, for instance, one can decide to file an updated return. However, since the IRS automatically corrects for such inaccuracies when preparing the tax return, mathematical errors do not call for modifications.

A, B, and C are the three columns on Form 1040-X. The amount reported on the initial or most recent modified tax form is listed under column A. The amended or accurate number must be entered by the taxpayer in column C. Column B displays the difference between columns A and C. A tax refund, balance owed, or no change in taxes will occur from the changes made to a tax return. In a section on the back of Form 1040-X, the taxpayer must additionally describe the changes they are making and their justifications.

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