Discussion:1040X (amendment)
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Discussion Forum Index --> Basic Tax Questions --> 1040X (amendment)
Discussion Forum Index --> Tax Questions --> 1040X (amendment)
| 25 February 2009 | |
| After preparing a 1040X for a client, there's a refund due. However, the payment information has changed (i.e., banking information). Yet - - - there's no available fields on the 1040X to specify payment information (Perhaps the IRS is assuming the payment info is the same as on the original return?....if so, bad assumption considering 3 years can pass when amendment is filed).
The change of address form does not accommodate a change in banking info (ACH/DAN). Thx. | |
| 25 February 2009 | |
| I remember my old boss telling me about that. People used to just write an amount of money on a piece of paper, and a bank would take that and cash it like real money? No wonder the banks are in such trouble these days, | |
Taxestaxes (talk|edits) said: | 25 February 2009 |
| My software will not allow me to do 1040x for 2008. They say the forms have not been released from IRS yet for 2008? Has anyone else had this problem? | |
| 25 February 2009 | |
| A good reason for filing a 2008 amended return ASAP is where a dependent file their own return and mistakenly claims the personal exemption. In such a case the parent won't be able to claim the dependent exemption until the dependent files an amended return eliminating the personal exemption. The parent will have to wait to file until the dependent's amended return has been processed. At this point, that might not even occur until after April 15. And the parent won't be able to e-file, further delaying any refund they might be entitled to. -- Larry Hess, CPA | Albuquerque, NM | |
| 25 February 2009 | |
| Agree, I just haven't had experience doing 1040x this early in a year.. | |
| 25 February 2009 | |
| You cannot e-file after April 15th???
I do it all the time! | |
| 25 February 2009 | |
| "They say the forms have not been released from IRS yet for 2008?"
Who are you going to believe? For something like this, just go to www.irs.gov and search for the form yourself. Either it's there or it isn't and you'll find out right away. Don't let your software company blame the IRS for something that isn't the IRS fault. They do enough screwups already without getting blamed for software issues. | |
| 25 February 2009 | |
| Lalva, what I meant was, once a return is filed claiming a personal exemption, as did the dependent I mentioned above, no one else can e-file a return with that same person's (the dependent's) SSN. -- Larry Hess, CPA | Albuquerque, NM | |
Taxestaxes (talk|edits) said: | 25 February 2009 |
| I just got a software update yesterday that updated the 1040x. Actually the IRS just updated the 1040x on 2/21. I know you can download a version from irs website, but I was just trying to use the one in my software because it does the calculations and compares the original to new return.....but anyway, its updated now.. | |
| 25 February 2009 | |
| actually, you don't need a 1040-x before April 15 for a 2008 return... | |
| 25 February 2009 | |
| I think only corporate returns can be filed as superseding returns. | |
| 25 February 2009 | |
| The instructions for 1040-x state, "Do not file more than one original return for the same year", which is not the case with the 1120. | |
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