Discussion:Amended Required ??

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Revision as of 17:55, 8 April 2009
BrockEA (Talk | contribs)
(Good grief Charl)
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Rgtaxservice (Talk | contribs)
(The 1040X was al)
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Michael}} Michael}}
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 +{{ForumReplyPost|UserID=Rgtaxservice|Date=8 April 2009|Text=The 1040X was already done, just not printed. I was just hungup on that tid-bit in my head.}}

Revision as of 18:52, 8 April 2009

Discussion Forum Index --> Basic Tax Questions --> Amended Required ??
Discussion Forum Index --> Tax Questions --> Amended Required ??

Rgtaxservice (talk|edits) said:

8 April 2009
One of my FL clients whose return was completed in February mailed me a 1099INT reporting $46 in interest income that was not reported on his original return. The additional $47 results in net tax change of $12 that the client would have to pay.

Now somewhere in my head is a tid-bit of knowledge that amended returns were not required if the missing income was less than $50 and/or the net change in the tax liability was less than $15. I don’t know why I know this or if it’s even true.

I haven’t been able to verify this. The truth is I can’t remember if it was old IRS rule, or maybe a state guideline for a return I read once along ago. I can’t even remember when or how I might have come across this tid-bit. Heck, I may have dreamt it up one night while doing taxes in sleep.

Does any of this ring a bell with anyone? I ask only because if an amended isn’t required, then I won’t do one, otherwise I most definitely will.

Kevinh5 (talk|edits) said:

8 April 2009
in the time it took you to write this you could have printed a 1040-X and State-X. Especially if you are using the same software as last year.

Kevinh5 (talk|edits) said:

8 April 2009
no state for FL (I know) but maybe she lived somewhere else last year?

Lucky (talk|edits) said:

8 April 2009
Just tell the client they are going to receive a notice from the IRS asking for the $12. Advise client to pay it when they receive notice.

Brock And Associates (talk|edits) said:

8 April 2009
Good grief Charlie Brown...are we not Accountants here?!?


The correct answer is that we fill out the 1040-X and charge the client $100 to do it--call it a stupid tax!! :D


For that kind of money, I wouldn't even worry about it and I bet that the IRS probably will not either. If the IRS finds it and deems it worthy of a correction letter, the interest would be less than my fee to file the amended return.


Michael

Rgtaxservice (talk|edits) said:

8 April 2009
The 1040X was already done, just not printed. I was just hungup on that tid-bit in my head.
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