Hi everyone. I e-filed my tax return last night via taxact.com. My taxes are fairly simple since I just use the standardized deduction. Anyway, today I received a 1099-INT from from bank of america for $27.62. I was honestly surprised by it. I plugged the $27.62 into my original return on taxact and it reduced my federal refund about $13 and my state refund about $1, but I already submitted my return electronically last night. I don't want to get in trouble with the IRS so what do I do now? Thanks in advance.
2007-01-26 07:45:28 · 7 answers · asked by Anon 1 in Business & Finance ➔ Taxes ➔ United States
You'll have to file an amended return, and enclose your check for $13 with it since they'll most likely send you your entire refund as shown on the efile.
Do it before April 16 or there could be penalties involved.
2007-01-26 09:50:41 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
I use taxact.com as well and rec'd a 1099 after I had all ready filed in 2004. so I didn't do any thing about it. I just got a letter in the mail from franchise tax board that I owe them $300.00 from the tax year 2004.
so it would be a really good idea for you do an amendment .....because what I would have owed them would have been significantly less if I had amended my return.
2007-01-26 08:01:22 · answer #2 · answered by Roller Girl 1 · 0⤊ 0⤋
The online Taxact product has a procedure to file a 1040x, which I discovered last night because I need to amend mine as well. In the online version you go to the "filing" tab and on the opening page there is an "amend return" option at the top and you basically follow the promps. You can also simply print the 1040x forms from the IRS website, fill it in as you would a regular 1040 with the new info and send it to the IRS, there is a section on that in which you explain why you are filing amended.
2016-05-24 02:46:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You file an amended return. It's not too hard to do. And since it's before April 15th, there should be no penalty or anything.
It's ok to make legitimate errors. You won't get in trouble. Just get it fixed.
I have to say, I'm surprised that adding $27 to your income cost you 45% in federal taxes? You sure you did that right?
2007-01-26 07:51:59 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Since the adjustment will have the tax entities paying you, you will not get in any trouble if you just drop it. You can file an amended return, but this is more trouble than it is worth. I believe, but not sure that you can claim it on the 2007 return. This should balance out in the long run.
Personally I would drop it!.
2007-01-26 07:56:58 · answer #5 · answered by whatevit 5 · 0⤊ 1⤋
File an amended return. It may preclude you from filing electronically next year. You should never file unless you are absolutely sure you do not have any other sources of income coming.
2007-01-26 07:54:15 · answer #6 · answered by OPM 7 · 0⤊ 0⤋