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Hi, I saw that someone else on here needed to file one amended return. I didn't want to hijack his thread, so here's mine:
What if you need to file multiple amended returns, for a few years back? My tax friend says file them all at once so it gets to one person's desk and they are all in front of them.
But my return might change! My state might change too! aaaghh. We didn't deduct any property taxes, duh, so we think it's sizeable enough to do an amended return.
Anyone have experience doing this? I'd like to hear about any things I should watch out for when doing this. Any experience, good or bad, especially bad, I'd love to hear from you!! Thanks!
Filing amended is actually pretty simple; look at the form and start figuring what the values are going to be. You will be showing the amount that your 1040 showed on different lines and in another column what the new amount is. It looks confusing because you loose a lot of the actual items and enter totals for the different sections of the 1040. You can only go back 3 years and the date of filing for the earliest year determines the deadline for the amended return. You might want to get a blank 1040 to do the figuring for the return as it should have been.
Look at a 1040X. That is the form you need. I had to do that in 05. I made a line mistake. It triggered a 05 and 06 audit. It all worked out fine but, was a hard three weeks! I just got my final determination notice. All that worry and work for the same bottom line.
Well, this is the first year I've been able to take itemized deductions (I think!) so very good point, if the amt. doesn't push me over from standard to itemized, it does nothing. It is a sizeable amt., so it might be worth it. Thanks so much for bringing up that point. Sometimes you just need another person's thoughts for you to be able to see other angles.
Quote:
Originally Posted by TKramar
I'd suggest you look at what the difference will be with itemized vs. standard deductions.
That's all I have to say about it. If it ISN'T sizeable...would it be worth the effort?
Are you sure about the 3 yrs.? It was always my understanding that you can refile at any time, for any year. But thanks for mentioning it, I'll check to be sure.
I did hear the form was relatively simple, and what you are suggesting is sort of what I planned on doing --- doing the paper form just to see what the end result will be. A tax friend told me it'd be like a waterfall, that I'd have to follow it through to the current year to see how it really affects me. I gotta do it, I just can't bear the thought that I missed out on getting more of my money back from the IRS.
Quote:
Originally Posted by myrc60
Filing amended is actually pretty simple; look at the form and start figuring what the values are going to be. You will be showing the amount that your 1040 showed on different lines and in another column what the new amount is. It looks confusing because you loose a lot of the actual items and enter totals for the different sections of the 1040. You can only go back 3 years and the date of filing for the earliest year determines the deadline for the amended return. You might want to get a blank 1040 to do the figuring for the return as it should have been.
yikes! yeah, I heard that filing the 1040X is a flag in itself. Glad your deal worked out ok.
Quote:
Originally Posted by Driller1
Look at a 1040X. That is the form you need. I had to do that in 05. I made a line mistake. It triggered a 05 and 06 audit. It all worked out fine but, was a hard three weeks! I just got my final determination notice. All that worry and work for the same bottom line.
yikes! yeah, I heard that filing the 1040X is a flag in itself. Glad your deal worked out ok.
It will be the last time I poke the bear with a stick. I had to refile because my error was $144,000 of depreciation I forgot to copy onto the final form. I will not ever to that again.
Are you sure about the 3 yrs.? It was always my understanding that you can refile at any time, for any year. But thanks for mentioning it, I'll check to be sure.
I did hear the form was relatively simple, and what you are suggesting is sort of what I planned on doing --- doing the paper form just to see what the end result will be. A tax friend told me it'd be like a waterfall, that I'd have to follow it through to the current year to see how it really affects me. I gotta do it, I just can't bear the thought that I missed out on getting more of my money back from the IRS.
Check the IRS website but I believe it is 3 years only.
I do my taxes online; this year that cost me $16.95 for both fed and state. I do not qualify for free filing but I consider $16.95 cheap. If I have to file amended I just go to the site I use to do it. You have the option to input your itemized deductions and it will tell you if it is worthwhile using them or not.
Myrc60 is correct: you can file an amended 1040 up to 3 years after having filed the 1040 originally. From the IRS website: http://www.irs.gov/pub/irs-pdf/i1040x.pdf "Generally, for a credit or refund, Form 1040X must be filed within 3 years after the date you filed the original return or within 2 years after the date you paid the tax, whichever is later."
Deadlines "can be suspended for certain people who are physically or mentally unable to manage their financial affairs."
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