My wife and I filed our 2005 Taxes separately, mainly because I owe some taxes from previous years and she doesn't. After she had already received her refund, I discovered that by filing jointly our refund would be much greater as a total than if we filed separately. I have been told that there is a form I can file (along with a new 1040?) that will allow the way we file to be changed. Is that true, and if so, what is that form?
Also, she already received a refund. Would the IRS make her pay back her refund or would they just credit the difference to what I owe. I am under the understanding that they would not make her pay back the refund she already received and want to confirm this.
Thanks.
2006-10-23 23:05:25 · 4 answers · asked by bdeyre 1 in Business & Finance ➔ Taxes ➔ United States
You will have to file a 1040X. You will have to show your wife's refund as tax received by both of you and it will be deducted from the refund. So you only get back the difference between what you would have gotten filing jointly in the first plkace and what your wife got.
The 1040X can be very confusing if you have never filled one in. I suggest going to a CPA along with your original returns and the information you used to prepare them (W-2's, 1099's, 1098's etc). It is slow season for most accountants at the moment so this is a good time to do it.
2006-10-23 23:56:41 · answer #1 · answered by skip 6 · 1⤊ 0⤋
You have file form form 1040X and any new attachments such as schedule A. You may have three years to receive a refund but you could always file form 1040X. Keep in mind that filing 1040X increases your chance of audit and extends the statute of limitations (time they have to review your return).
You do not send another form 1040 but you may need to fill out a form 1040 as a worksheet to see what your new taxes owed and refund would be. You would transfer the figure from this new 1040 worksheet onto column B of form 1040x
If you do combine your income you also combine taxes paid and refunds received to see if you have to pay or get back more. I imagine you would only amend your return if you would get back.
Keep in mind that if you had filed joint you wouldn't be able to change to separate. But fortunately you want to go from separate to joint.
2006-10-24 02:56:18 · answer #2 · answered by goldenboyblue 3 · 0⤊ 0⤋
All you have to do is file a form 1040X changing your status to mfj. On the form you can put down the amount of the refund your wife has received already. With the form 1040X you should have your wife sign and send a Form 8379 "Injured Spouse Allocation" which prevents the IRS from taking any of her refund to satisfy a debt that you owe.
2006-10-24 04:05:18 · answer #3 · answered by acmeraven 7 · 1⤊ 0⤋
You can amend the return using a 1040x up to 3 years after the due date.
Do to your situation, it might be time to see a professional. It will probably be well worth the fee.
2006-10-24 02:01:57 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋