I e-filed my Federal taxes yesterday and got approval from the IRS, all I need to do was mail in the 8453-OL and I would get my direct deposit.
I found out today that I did not include some interest income on loans and need to adjust. I have the 1040X amend form (which is another question on how to fill it out!). I see that this takes 12-weeks for the refund.
Here's my question: do I send in the 8453-OL now and get my return, then send in the 1040X later on and wait for whatever that adjusted balance is? Do I hold off on sending the 8453-OL, and then wait for the amended paperwork to got through, which would then mean I have to wait 12 weeks for the full refund?
I know I need to print out and mail the 1040X, not sure of this other stuff though, thoughts?
2007-02-26 10:08:38 · 3 answers · asked by jambi 1 in Business & Finance ➔ Taxes ➔ United States
send the 8453 OL now
wait til you get your refund then send the 1040X in
2007-02-26 10:26:39 · answer #1 · answered by Anonymous · 2⤊ 0⤋
I would finish what you already started and send the 8453-OL and get your refund. After that I would file an amended return, it will probably result in balance due from you, since you forgot to include some interest. Just make sure that you file the amended return before April 17 and mail it with balance due. This way it will all be clean. If you leave this return unfinished and submit an amended return it will be a mess. Again, the key is just to make sure you're square with IRS before April 17th.
2007-02-26 18:15:45 · answer #2 · answered by Alexander K 3 · 1⤊ 0⤋
send the 8453 OL now
you get your refund then send the 1040X in
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2007-02-27 02:53:23 · answer #3 · answered by ellen h 2 · 0⤊ 0⤋