I received all my forms, and immediately completed my Fed and State taxes last week via TurboTax. I e'filed on Thursday PM, and they were both accepted on Friday. Well wouldn't you know, I received a new 1099 from my Credit Union on Sat -- reporting $10 in interest! Argh! Should I amend my return, and complete/mail a 1040X in TurboTax (and State form), or fuggetaboutit? I just don't want this $10 1099 come back to haunt me years down the road -- and possibly pay $1000 in interest and late fees to the IRS. What would you do?
Should I amend my Tax Return for late $10 1099?
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Amend it. The IRS gets one too; it'll be a red flag.
I knew they got it too. Darn -- I better amend it. I have to mail it -- which means I should receive my refund before then. It may not make a difference. I guess I better wait until after the first week of Feb from now on. What a pain for $10.
Exact same thing happened to me. I efiled and already got a refund, and just now got another 1099 with $12 worth of interest. I thought I earned less than $10 of interest in that institution so I was not expecting a 1099 from them.
I guess I will have to amend it, too. I filed my taxes for free using TaxACT. Now I have to figure out how to do this amendment.
I guess I will have to amend it, too. I filed my taxes for free using TaxACT. Now I have to figure out how to do this amendment.
Speaking of e-filing, I have a question. I've always done mine the old fashioned way via mail. When a person e-files, how do you get your W-2s to the IRS? Doing it the old way, you have to staple your W-2s to your form.
e'filing is great if you are getting a larger refund. You typically do not have to mail anything in. Signatures are electronic. They let you know if it has been accepted. I think I received my State Refund within 5 days last year (direct deposited into my checking account). Federal may take about 10 business days. The cost of e-filing through TurboTax was about $35 for both. For another $29 you can have the e-file cost taken out of you refund (but why do this?).
Sounds good, I may try it this year. I just wonder why you have to mail physical copies of W-2s in if you paper file (the IRS gets copies from the employer anyway) and you don't have to submit copies if you e-file. Seems discombobulated to me.
Why are y'all filing prior to the 1st of Feb? I received a 1098 form today.
Originally Posted By: Drew99GT
Amend it. The IRS gets one too; it'll be a red flag.
Don't they have still have an 800 number you can call with this type question?
Bob
Amend it. The IRS gets one too; it'll be a red flag.
Don't they have still have an 800 number you can call with this type question?
Bob
Good news is it's well before 4/15. Penalties and interest accrue after that.
I did a math error on a (4/15 mailed) tax return ~10 years ago and got a polite letter from the IRS in July sometime. I think I owed 'em $11 or so, and the penalties weren't severe enough for me to remember. In fact I marvelled over the politeness (yet firmness) of the letter.
When you sign the form, you say you did it to the best of your ability, they won't throw you in the hoosecow over a little interest you honestly forgot about. They will get their money though.
You could wait it out and see what happens if you want to save a stamp.
I did a math error on a (4/15 mailed) tax return ~10 years ago and got a polite letter from the IRS in July sometime. I think I owed 'em $11 or so, and the penalties weren't severe enough for me to remember. In fact I marvelled over the politeness (yet firmness) of the letter.
When you sign the form, you say you did it to the best of your ability, they won't throw you in the hoosecow over a little interest you honestly forgot about. They will get their money though.
You could wait it out and see what happens if you want to save a stamp.
Criminy I'm not even looking at the carnage yet.
10 bucks may or may not change the amount of tax due. It probably doesn't.
Originally Posted By: GROUCHO MARX
10 bucks may or may not change the amount of tax due. It probably doesn't.
Yea, just check out the tax tables and see.
10 bucks may or may not change the amount of tax due. It probably doesn't.
Yea, just check out the tax tables and see.
You have plenty of time. Run the 1040X and see if you tax changes. If you are bumped a bracket, then file before April.
By mail.
State should have a X form as well, if the fed. doesn't change, I'd think the state wouldn't either.
By mail.
State should have a X form as well, if the fed. doesn't change, I'd think the state wouldn't either.
Thanks -- That's what I plan on doing. I got another [censored] 1099 yesterday from $70 worth of stock I sold (taxes were already taken out by employer. I thought I had everything -- and Yes -- I wanted my money from the Gov as ASAP. We typically get a larger refund -- even though I change my W4 every year. I do plan on waiting until my refund arrives (within a week or so) -- before filing my "X" forms. If I owe $10 -- so be it. It probably will not even make a difference.
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