The questions are: Can I amend this years taxes next year or do I have to do it now. And can I still amend my return even though I already spent it, or do I have to find a way to put the same amount I got back into my bank account BEFORE I amend it? (I did my taxes on turbo tax and accidentally put in a w-2 from 2005 instead of 2006 and the IRS accepted it.)
2007-02-06 12:37:07 · 5 answers · asked by ? 3 in Business & Finance ➔ Taxes ➔ United States
It's not a huge difference in money, I just don't have the money to send back to them. Can I still amend without the money?
2007-02-06 12:47:30 · update #1
That happened to us last year and we already had our refund direct deposited and almost all spent when we received an additonal W2 in the mail from the same employer too...some glitch in their system where they did not put the full amount on the first one so had to send out additional ones a month later. We had no idea either. About 3 or 4 months later, after doing nothing because we did not know what to to, we received a letter from the IRS stating that they received the additional W2 and that we got back too much based on our income, so now we owed several hundred dollars. We set up a payment plan and it was paid off by the end of the summer. They will eventually catch your mistake even if you do nothing about it, but it's probably wiser to do what everyone else here suggests and file the ammended return to correct it. Good luck!
2007-02-06 14:56:52 · answer #1 · answered by MarineMom 6 · 0⤊ 0⤋
Dear John: Did you include a signed copy of the HUD form from the closing? Did you use the new address on your tax return or amended return? The IRS is tying to prevent the fraud that was so prevalent in the beginning. It looks like you are just in the "que" for a review and probably will be fine if all check out. If any paper work is not in order it will be returned to you and you will be required to correct the error. I would call the number next week Tues or Wed. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent.
2016-05-24 01:22:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can't just wait for next year - you have to amend the return that was wrong. Go ahead and amend it whether or not you have the money to pay the difference - you'll avoid penalties that way. If you can, send what you owe when you send in the amended return. If you can't, send in the amended return anyway, and they'll set up a payment plan for you to pay off what you owe.
2007-02-06 13:54:48 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Yes, you can amend without the money. But you need to send them the forms before the deadline. Sending the money by then will svae you interest.
Why not do the amended return, then you'll know how much you need. Then you'll have over two months to save the money - and you can send the whole shebang in by April16th, and the interest and penalty free.
2007-02-06 12:50:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you do refile now, you will avoid penalties and interest as long as you do it by April 16.
File a 1040X. If you owe a significant amount of money, sign an installment agreement where you can pay the amount over five years.
2007-02-06 12:43:45 · answer #5 · answered by Anonymous · 0⤊ 0⤋