I did a simple 1040 online with the same company I have always used. I forgot about my sale of stock. So I failed to include any 1099-B info. It has been six days and still no word. I am kinda worried. I took the residential energy credit(5695) also. I have heard there are problems with it also. I tried before and It came right back rejected because of that form. Then I read to send federal only. So I did and now im waiting. Should I be worried? Are they gonna audit me bacause I forgot $2000 on stock sales? Is it still too early for 5695? Please help!
2007-02-15 06:35:57 · 6 answers · asked by tired21_wm 1 in Business & Finance ➔ Taxes ➔ United States
What you will need to do is file and amended return (1040X) to report your stock sale. Make sure to mail in the Schedule D with it and any amount due. If you do this before April 17th you will not be penalized for it.
2007-02-15 06:42:37 · answer #1 · answered by R Worth 4 · 1⤊ 0⤋
It will take some time for the IRS to catch the missing stock transaction. If you wait for them to figure it out, you'll probably have penalties and interest to pay on top of any additional tax.
You must file an amended return on Form 1040X and pay any additional tax due by April 17, 2007 to avoid any penalties or interest. You can't e-file Form 1040X, it has to be mailed in.
2007-02-15 06:42:34 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 1⤋
It's WAY to early for the IRS to catch info that was left off a return - that takes months, and can be well over a year.
You should file an amended return and make the necessary corrections.
2007-02-15 16:28:08 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
They never catch it that fast so don't worry that that is the reason for not hearing anything. We made a mistake one year and forgot to include a W2 that did not come until the end of Feb after we had already efiled, and they did not catch it for several months and then they contacted us through the mail. We had to pay what we owed of course, but my point is that it does take awhile. Just to be safe, file an amended return by April 17.
2007-02-15 06:53:14 · answer #4 · answered by MarineMom 6 · 0⤊ 2⤋
It can take up to 3 weeks to process an electronically filed return, You will need to file an amended return to make any corrections
the amended return form 1040X needs to be mailed in and takes 8 to 12 weeks to process
2007-02-15 06:44:11 · answer #5 · answered by Anonymous · 1⤊ 0⤋
RE-FILE AGAIN GUY ! Modified -
2007-02-15 06:45:22 · answer #6 · answered by Semper Fi 1 · 0⤊ 1⤋