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What Are the Benefits of Superseding Returns?
Superseding returns provide taxpayers with privileges that amended tax returns simply do not. Notably, the tax code makes certain elections irrevocable and statutorily required to be on a timely filed original tax return
When a change needs to be made to an election that is required by statute to be on an original return, a timely filed superseding return is a potential remedy, but an amended return is not.
To illustrate, here is an example applicable to both individual and business taxpayers: Let’s suppose the taxpayer timely filed their original return and elected to carry forward the overpayment and apply it to their tax obligations for next year. Subsequently, but still before the filing deadline, a change in circumstances causes the taxpayer to determine it is more beneficial to receive their refund in the current year instead. Here, the taxpayer may timely file a superseding return with the IRS to update their refund election.
