English Deutsch Français Italiano Español Português 繁體中文 Bahasa Indonesia Tiếng Việt ภาษาไทย
All categories

I by mistake put 2000 instead of 4000 in Traditional IRA

plus I also forgot to mention tax preparation fee as deduction

Can someone help? I would appreciate your help.

2007-04-19 04:16:16 · 6 answers · asked by Lover23 1 in Business & Finance Taxes United States

Can we send tax correction form online via HRBlock?

Or can we correct this next year?

What happens if this correction is not made, as I am the one who is losing and IRS is gaining by this error

2007-04-19 04:28:04 · update #1

6 answers

File an amended return using Form 1040X. (MrKnowItAll doesn't)

You can't e-file it, it must be mailed in.

Nothing will happen if you don't correct it, aside from the fact that you'll lose out on YOUR money.

On the IRA issue, do you mean that you contributed $4,000 but only claimed $2,000? An amended return will fix that. If you contributed $2,000 but intended to contribute $4,000, it's too late to fix that. In that case, you don't need to "fix" that.

2007-04-19 04:21:43 · answer #1 · answered by Bostonian In MO 7 · 2 0

You will need to prepare and amended return. You must have a copy of the return as it was originally filed, a return as it should have been filed, and form 1040x. 1040x is how you report the changes to the IRS. It cannot be done electronically, it must be submitted on paper. If you had the return prepared by a tax pro, it is an easy thing for them to do. You can find the necessary forms at www.irs.gov. You must include with the 1040x any forms or schedules that have changed. Since the IRA adjustment affects your Federal adjusted gross income, it is likely to have an impact on your state return as well, most states have some type of amended return.

2007-04-19 11:23:48 · answer #2 · answered by Qinella 1 · 0 0

You'll have to file an amended return, form 1040X, to make these changes.

First fill out a corrected return, and lay it side by side with the one you originally filed, then fill out the 1040X.

The tax prep fee might or might not make a difference, even if you already itemized on the original return you filed, since it's subject with your other misc deductions to a limit of 2% of your AGI - you can only take what's over that. But the IRA deduction could make a lot of difference, assuming that you meet the rules to deduct it.

2007-04-19 12:04:25 · answer #3 · answered by Judy 7 · 0 0

You can file an amended tax return in which you correct your errors. US is very generous about the time period allowed for filing such a return. Consult your tax software (TaxCut or TurboTax) for appropriate forms--they have them. If you do not have the software, go online to IRS and download the forms and instructions. Or, call IRS and have them fax them out.

2007-04-19 11:24:21 · answer #4 · answered by plumbric2 1 · 0 0

Here is the link to the exact form you need from the IRS. It is a pdf form.

http://www.irs.gov/pub/irs-pdf/f1040x.pdf

2007-04-19 11:24:51 · answer #5 · answered by Gem 7 · 0 0

You need to get a Tax Correction form and fill it out and send it in along with your penalty. The form is called "Form 1099-MISC Correction".

2007-04-19 11:21:21 · answer #6 · answered by MrKnowItAll 6 · 0 4

fedest.com, questions and answers