8
votes
Do I have to file a correction if I receive a corrected 1099 that results in a small increase in my return?
Being audited is probably not as bad a thing as I think it is, but it's also not the first option that the IRS uses when they find a mistake.
Often when a form is missing, the IRS will send a letter ...
6
votes
Filed 1040, Forgot to Check Box on Line 61 (full year health coverage). File 1040X or Wait?
The IRS is not actively enforcing the health care mandate this year, so don't worry about it. If you had health care, it is not actionable anyway.
- 9,795
6
votes
Should 1040-X be filed on changes that have no impact?
If the change in income on the 1099 is so small that the tax owed doesn’t change, I wouldn’t bother.
However, If we are talking about a 1099-NEC for your business, I just want to point out that you ...
- 116k
4
votes
Can you get (and keep) a stimulus payment by filing 2020 income 'accidentally low', and later file a 1040-X?
It is already too late to do anything to receive either of the two 2020 stimulus payments.
If you are eligible for the stimulus payments based on your 2020 status, and did not receive the payments in ...
- 116k
3
votes
Filed 1040, Forgot to Check Box on Line 61 (full year health coverage). File 1040X or Wait?
If you fail to check the box indicating you have the required health coverage, you must indeed file 1040X to correct your 1040.
I made this exact error on my 2015 1040, and just realized the error, ...
- 1,997
3
votes
Missed to file Schedule B with 2016 Tax return for foreign bank account
Yes. You can file an amended tax return (form 1040X) and include the additional files.
The Internal Revenue Service (IRS) knows the tax code is complex, and
that people make mistakes.
It will ...
- 10.2k
3
votes
Do I have to file a correction if I receive a corrected 1099 that results in a small increase in my return?
This is very unlikely to trigger an audit. The most likely scenario is that the IRS will send you a correction letter, stating that there was a discrepancy between the amount you reported and the ...
- 131
3
votes
Accepted
Why am I getting a W-2c form?
What are some typical reasons for a person to get this form? Was it something wrong with the company's taxes? Was it a mistake in the pay
roll?
The corrected form is to fix a problem. It could ...
- 144k
3
votes
Accepted
When should I file 1040X if I filed wrong tax form
Should I send 1040X together with correct 1040NR to IRS immediately? Or should I wait until IRS has processed my wrong return?
There's not really any reason to wait to file an amended return. If ...
- 70.8k
3
votes
Accepted
How to fill in Line 6 on Form 1040 if Schedule D does not have to be filed?
The remaining instructions are further down the page, just past Exception 2:
If Exception 1 applies, enter your total capital gain distributions (from
box 2a of Form(s) 1099-DIV) on line 6
...
- 740
3
votes
Can you get (and keep) a stimulus payment by filing 2020 income 'accidentally low', and later file a 1040-X?
If done intentionally, it would be fraudulent (regardless of how readily intent could be proved).
Moreover, the amended 2020 return with increased income would involve recalculating the Recovery ...
- 30.2k
3
votes
Accepted
If I file Form 1040-X twice for the same year, should Original Amount for the second filing use the outcome of the first amendment?
When filling the Form 1040X column A (Original Amount) should I use the amount as it would have been after applying the first 1040X ....
That one's right in the instructions for 'Columns A Through C' ...
- 4,687
3
votes
Accepted
Do the "failure-to-file penalty" and "failure-to-pay penalty" apply when amending a timely-filed return after the deadline?
Yes, failure-to-file doesn't apply because you did file -- even though you made some mistakes; that penalty is for not filing at all i.e. ignoring or defying the law. (There are some cases where they ...
- 4,687
3
votes
Should 1040-X be filed on changes that have no impact?
A frivolous return, roughly, is one that is so unresponsive, erroneous, or ridiculous that it can be presumed to be in bad faith. Sincerely correcting an error, even a minor one, is not frivolous.
You ...
- 30.2k
3
votes
Can I use the standard single deduction amount on form 1040 line 9 (12,200) if I am filing a 2555?
YES if you are correctly filing 1040 (i.e. you are a US citizen or LPR = green-card holder, even though living elsewhere) you can take the standard deduction, and if your correct filing status was ...
- 4,687
3
votes
Am I in trouble? I am a nonresident and received the stimulus money for COVID 19 from IRS in my tax return
The amount that you just received via direct deposit could be one of two things:
First, it could be your actual tax refund. You would know if it is this because the amount you received should be the ...
- 116k
2
votes
Should 1040-X be filed on changes that have no impact?
A suggestion would be to complete a pro-forma 1040 or 1040-X with the corrected income and document for your records that there will be no change in the tax owed. Don't consider anything frivolous, ...
- 21
2
votes
Accepted
Do I need to file an amended US tax return for a missing 1098?
I am assuming that this isn't a rental property.
Is there likely to be any issue with getting flagged by the IRS
because they already have the 1098 from the mortgage lender but I
don't have it ...
- 144k
2
votes
Filed 1040 instead of 1040NR, noticed the error and mailed a 1040-X. Still got the refund for the 1040. Now what?
You expected your amended return to supersede your original return. You thought someone would dig through the boxes of papers of the incoming returns in the IRS office, find the one you originally ...
- 181k
1
vote
Do I need to file an amended US tax return for a missing 1098?
If there's no difference then there's nothing to amend. You're not reporting the 1098 to the IRS, your bank does. You are reporting your tax liability to the IRS. If that doesn't change then you don't ...
- 181k
1
vote
Filing tax amendment for 2020
Do I need to mail the State and Federal Tax forms separately?
Yeah, of course, Federal goes to the IRS and State goes to the FTB.
How do I figure which forms do I need to send to the state, and ...
- 181k
1
vote
In what circumstances, if any, is it advisable to file 1040-X before the original return is processed?
While a paper return may take weeks to process, most people are able to e-file and it usually takes only 1-48 hours for the IRS to process and accept a return.
Once you have started to e-file, you ...
- 226
1
vote
Accepted
Deductions for non-residents while filing US taxes
Yes, nonresident aliens are allowed certain itemized deductions. See Form 1040-NR Schedule A (which is on page 3 of the 1040-NR form) for a full list of which itemized deductions are allowed for ...
- 17.4k
1
vote
Accepted
How to get refund with 1040X on amended 1040NR?
For 3 years after the filing date, there's no such thing as "your negligence". You are allowed to amend your taxes using Form 1040X for any reason, or no reason at all. So if you see a deduction ...
1
vote
1041 not supported by tax software - file as regular and 1040X to adjust?
I talked this over with a relative who is a CPA, and she said that as long as the numbers end up on the Interest and qual/nonqual dividend lines on the 1040 eventually that it should be okay.
So my ...
- 35.9k
1
vote
1040-ES Late Payment
You can send the payment with the 2018 Q4 1040-ES voucher. Do not make an online payment for 2019; it definitely will not be applied to 2018.
I don’t know whether there is still a way to force an ...
- 2,817
1
vote
Accepted
1099-DIV or 1042S
If necessary, you can report the income as a 1099-DIV, if you have the complete information necessary to report that (qualified/not qualified dividends, cost basis, whatnot). See for example this ...
- 35.9k
1
vote
I have forms 1040x, 1040, Schedule B (form 1040a or 1040), 1099-R. How should I staple them and send?
The IRS instructions do not specify how to connect the forms, just that you should not staple the check to the form (likely because it goes to a different location for processing).
I have always ...
- 140k
1
vote
Why did Turbo tax provide me with form 1040 and Interest and Ordinary dividends attachment when I am filling amended tax return (1040X)?
I do not have any interest or dividends earned.
What is the 1099-R reporting? If you received dividends from life insurance contracts or employee stock plans they are reported to you on a 1099-R and ...
- 140k
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