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PensionBox differentiates between Updated return and Revised return
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Vaishnavi Verma
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Blog Related Questions
What is the difference between an updated return and a revised return?An updated return is filed to correct errors or add information to an already submitted tax return, such as incorrect personal details, omitted income, or misreported deductions. A revised return, on the other hand, is a voluntary correction made due to new information or changes in tax situations after the original return has been filed. Both types replace the original return, but they serve different purposes.
How do I file an updated or revised return?To file an updated return, complete and submit IRS Form 1040X (or a similar state tax form) with explanations and supporting documentation for the changes. To file a revised return, simply fill out the tax forms for the relevant tax year, make the necessary changes, and submit it to the appropriate tax authority. Both processes ensure that your tax liability, refunds, or payments are adjusted based on the new information provided.
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