An Anytime Return (also known as an an Open Return) ticket allows you to travel out on the date shown on the ticket, or within five days, and back at any time within one calendar month of the date shown.
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With Anytime Returns the outward part is valid for 5 days from the date shown on your ticket, and the return for 1 month. Anytime Day tickets are only valid on the date shown. Your ticket is refundable (with no admin fee) if the service you planned to travel on is delayed or cancelled, and you choose not to travel.
Anytime Return tickets are valid for one return journey. The outward portion is valid for five days including the date shown on the ticket and until 04:29 in the morning after the last day of outward validity. All outward travel must be completed by this time.
Although not an official ticket type an 'Open Return' train ticket simply means you have more flexibility on the train you decide to travel back on, either on the date specified or within one calendar month of your outward journey.
Anytime Return tickets (also known as Open Return) allow you to travel within five days of the date shown on your train ticket and return journeys must be made within one calendar month. Anytime Short Return have the same conditions as the Anytime Return but the outward journey is valid for one day not five.
If I don't use the outward journey (no-show), can I still use the return flight? The flights on your ticket must be used in the correct sequence; if you don't use a flight, all remaining flights on your ticket will be cancelled.
Round-trip tickets are usually cheaper than one-ways, sometimes significantly so. NerdWallet compared fares across multiple international routes and found that, typically, buying two one-way tickets costs 20% more than a single roundtrip.
Full refund to original form of payment if changed or canceled within 24 hours of purchase, regardless of time elapsed between purchase and scheduled departure (within one hour for tickets on unreserved services). “No Show” Policy: After departure, all fares are non-refundable and cannot be changed.
Depending on circumstances (e.g. on a train that requires reservations), you may incur an extra charge but probably won't be fined. If the conductor discovers the error, then your chances of a fine increase. Bottom line is that getting on the wrong train is your mistake and you'll incur the cost of any changes.
You do need to book each segment(on origin to destination) separately. When I visit Southern California, I often book same day Amtrak ticket LAX to Fullerton just to go to a favorite restaurant right near the station. Then I book a separate ticket to return to LAX from Fullerton.