From TaxAlmanac, A Free Online Resource
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> To Amend or to Wait
Laticiaw (talk|edits) said:
| 22 March 2007
|
| This is on my personal return. My husband wanted the return done early this year so we could get some bills paid off. So I got it done early and unintentionally left of some 1099-R income. I know that it's going to get matched up and am tempted to wait until IRS tells me they want the money? Should I take the time to go through the amended tax return process and volunteer the information (AFTER tax season)? Just asking what ya'll would do in this sit. I'll know better after April 17th what I am going to do...
|
Death&Taxes (talk|edits) said:
| 22 March 2007
|
| If you were my client, I would tell you I would do it in May.....the interest charge would be minimal, and it would be done when you have time to think. When clients insist on amending now, and the reason was not my fault, I quote them an exorbitant fee but offer either a freebie or $25 Federal charge if done after season.
|
TJ (talk|edits) said:
| 22 March 2007
|
| If I had the time, I would amend by 4/17. It would be a really easy amended return to prepare. It is your own return and you are a preparer. For most client's, I agree with Death&Taxes.
|
DZCPA (talk|edits) said:
| 22 March 2007
|
| Do it befor April 17th.If you owe less than $100. Let IRS do it for you.
|
Deback (talk|edits) said:
| March 22, 2007
|
| The IRS will send you a bill in about 18 to 24 months, including interest and penalty. Why not just do it now and file it by 04/17?
|
Glmpllc (talk|edits) said:
| 22 March 2007
|
| ....if it was my return, I would amend and pay by 4/17
|
Laticiaw (talk|edits) said:
| 22 March 2007
|
| I think I'm going to do that...I'm just really tired right now and my husband ignored me when I told him to save some of the money out of the tax refund back because we were going to owe money back on taxes with the amended return. So now, I've got to come up with the cash to pay out IRS...fun, fun, fun... Next year I'm extending and telling hubby to wait for the money...
|
To join in on this discussion, you must first
log in.
