refund. i accendently forgot to enter my wifes w2. can i cash the checks i already got and worry about fixing next year. or do i shread the checks i got and amend the return?
2007-02-21 02:10:16 · 5 answers · asked by budnagy 1 in Business & Finance ➔ Taxes ➔ United States
Cash the checks you received, and amend the returns. You cannot report it on next year's return. Your best bet will be to prepare and file the amended return BEFORE April 17, 2007. As long as the amended return is postmarked by that date, then the amount of tax due that you would need to pay (if you owe additional tax) will not be subject to interest and penalties. If you are due a larger refund, then the tax authorities will cut you another check.
2007-02-21 03:33:54 · answer #1 · answered by jseah114 6 · 2⤊ 2⤋
1. You must file an amended return using Form 1040X. You cannot add that to next year's return and if you delay filing the amended return you may have to pay penalties and interest.
2. Do NOT shred the checks! You'll probably have tax due with the amended return and you'll need that money to pay the tax due. Go ahead and cash them, but do NOT spend the money until you have filed the amended return and paid the tax due.
3. File your amended return and pay any tax due by April 17, 2007 to avoid any penalties and interest.
2007-02-21 02:19:19 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Cash the check, don't shred it! I would amend the tax return before April 17th just in case you will owe the IRS, and avoid any penalties. You can wait until next year but if you end up needing to pay back some of your original refund they will charge you interest and penalties.
2007-02-21 02:16:31 · answer #3 · answered by R Worth 4 · 0⤊ 0⤋
Your marital prestige is determined on the day you fill out the fafsa, in case you study the question heavily it says, "As of at present are you married?" so in case you pick to be self sufficient and not at all record the individuals earnings then wait until eventually after July twelfth. observe that as a married individual, you'll favor to record your spouses earnings on the fafsa even notwithstanding you probably did not report your taxes jointly very last year. you in effortless words combine your suggestion (the position acceptable like taxes paid, AGI, resources, EIC etc) as in case you filed jointly. also, i'd not "count number your chickens earlier they hatch" yet. Many youthful ones assume that in simple terms because they're self sufficient and not at all reporting moms and dads earnings they're going to immediately away qualify for Pell promises and that is not any longer the case. i have considered youthful ones absolutely loose the Pell upon getting married, some who do qualify after marriage, and some who nevertheless are not eligible for Pell even upon getting married. the in effortless words assure at the same time as filing as self sufficient is you'd be in a position to BORROW extra money in student loans. no longer precisely some thing to cheer about. The Max quantity you could borrow as a freshman self sufficient in Stafford loans is 7,500 a year as a freshman, 8,500 as a soph and 10,500 as a Jr and Sr.
2016-12-04 11:17:05 · answer #4 · answered by brenneman 4 · 0⤊ 0⤋
Contact your local IRS office. You may be able to file an amendment to your tax return.
2007-02-21 02:29:02 · answer #5 · answered by Lyn729 1 · 0⤊ 1⤋