Discussion:1040X
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| 29 June 2007 | |
| Thank you. I didn't think so, but My software prints a copy of the updated 1040 and a copy of the 1040X with the government copy. | |
Chautauqua (talk|edits) said: | 29 June 2007 |
| Yes, for the pages that are different from the original filing. | |
| 29 June 2007 | |
| I've even had the IRS kick back an amended return because it was missing a page - the amendment resulted in a 5329 form being eliminated from the return. The IRS wanted the blank page before processing. | |
| 29 June 2007 | |
| Did the 1040X explanation say Form 5329 was no longer required per amendment? W/o that information, IRS might ask for one, if the original had one (they may have only computer info, not the orig 1040) and it affected tax. However, they should not intentionally ask for a blank page. | |
| 30 June 2007 | |
| I agree with Chautaauqua and not BlrgCPA.
You have to show the IRS exactly what changed. For example, additional interest income on Sch B could have resulted in more Social Security being taxed. Or additional deductions on Sch C reduced both net profit, SE tax, the adjustment for half the SE tax, and the allowable SEP deduction, as well as the income tax and AMT owed. If more than 1 thing changes, I include a new 1040. | |
| 2 July 2007 | |
| I also have a question on this one. Client has not filed in several years except for some God knows reason she filed 2002 (supposedly). I got transcripts from IRS for the years she has not filed, both an account transcript as well as wage/income transcripts. They do not show anything on a transcript for 2002. When I look at her 2002 return she did by hand, it is incorrect on several parts but I don't know whether to file now a 2002 1040 or a 1040X if IRS has no transcript on file for it. She supposedly got a refund but she was due a larger refund due to some CF's of Capital losses.
Secondly, client also has had a partnership interest in 02, 03, 04, and 05 when it was completely disposed of. The transcript does not show this income however and she has not provided me with the K-1's from the partnership....what do you do with this???? Thanks so much guys! | |
| 2 July 2007 | |
| I'd file 2002 now (correctly) if it doesn't look like the IRS ever received her return.
For the missing K-1s, I would estimate them, even if my estimate was "0". | |
| 2 July 2007 | |
| Thanks Kevin. I thought also to file the 2002 1040 but if she really did receive a refund, then I guess IRS will tell me at some point...
Thanks also about the missing K-1's. I know in 2000 and 2001 she had large interest payments and capital gains and dividends. Then in 2005 it was completely disposed of and she received about 60K from the rental activity, but I have nothing to base these missing years on. I will try to figure out something to place on the returns but I am sure it will not be correct....:) | |
