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Are amended returns more likely to be audited?

Possibly. It depends on what the return is saying. For example, let's say that you refinanced your mortgage during the year and come return time you included the interest from only one of your two 1098's. (I mention no names and make no charges.) That amended return isn't likely to draw any special scrutiny. OTOH, if you've belatedly bought into one of those phony Schedule C schemes touted on the Web, you can just about bet on an audit.

The mere fact that an amended return is filed doesn't mean that the year will be audited, though.

Does amending a return extend the statute of limitations of the return?

If an amended return is filed within 60 days before the assessment statute expires, IRS has 60 days to assess the additional tax shown on the amended return (IRC 6501(c)(7)). Otherwise, no.

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