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Old 02-25-2009, 01:11 PM
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Received a 1099-MISC in the mail AFTER I e-filed

Hello,
This is my first post here. I tried searching for this, but did not see anything that matched my particular question...

To make a long story short, I had gathered all my tax documents (or so I had thought), and prepared my 2008 return via TaxCut software. Once I was done, I e-filed both my federal and state (MO) returns, and was getting refunds on both.

An hour after I was finished, I check the mail - and there was a 1099-MISC that I had forgotten to expect...

My question:
This 1099-MISC was for some extra income (a one-time side-job), in which no tax was taken out prior to payment. If I had reported this in my return, my taxable income would have been a bit higher, and I would have not received refunds as large as I had initially calculated. It's not much, but going back through the TaxCut program and adding this 1099-MISC lowered my overall refund total by about $480.

I have already received my refunds from the Fed and State - but I obviously now owe them some money back. I've set the estimated amount aside, so I don't end up spending it... ;-)
From what I gather, I need to file an amended return via a 1040X form - however, TaxCut informs me that this form is not finalized by the IRS yet.
Can I wait until I file for the 2009 tax year to report this 1099-MISC, and just have the amount I owe taken out of my expected refund then?

Thanks for any assistance!

-Ryan



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Old 02-25-2009, 01:34 PM
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I suggest that you file an amended 1040X as quickly as possible. The reason being is that if the IRS determines that you have underreported the 1099-Misc income on your 2008 tax return, you would be subject to not only the additional tax but would be assessed underpayment penalties and interest on this additional liability.

If, however, you voluntarily file an amended tax return, there is a possibilty that the IRS would abate these underpayment penalties and perhaps not even charge you interest on the additional tax liabilities!

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Old 02-25-2009, 03:43 PM
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Quote:
Originally Posted by TaxGuru View Post
I suggest that you file an amended 1040X as quickly as possible. The reason being is that if the IRS determines that you have underreported the 1099-Misc income on your 2008 tax return, you would be subject to not only the additional tax but would be assessed underpayment penalties and interest on this additional liability.

If, however, you voluntarily file an amended tax return, there is a possibilty that the IRS would abate these underpayment penalties and perhaps not even charge you interest on the additional tax liabilities!

Thank you so much!
If I understand correctly, I've been told that I have up to 2 years to file an amended return - However, like you say - if I do it immediately (as soon as the 1040X form is "finalized"... whenever that may be), I may be able to avoid any fees...

So essentially, I'll complete a 1040X, with the added 1099-MISC, and file the return again. Will the amount I now "owe" back to the IRS be figured by them? Do I simply wait for a response from the IRS after I've filed the amendment? Do they typically ask for payment immediately, or will they have me add this to my 2009 tax?

Thanks again!

-Ryan



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Old 02-26-2009, 01:47 AM
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When you file an amended tax return, the additional amount that you owe will be calculated on this form. You will then enclose a check along with the 1040X Amended tax return and mail to the IRS Service Center where you originally filed your tax return. By filing an amended tax return, and enclosing a check to satisfy the additonal tax liability, you would avoid having to be pay the late filing penalties and interest on the underpayment!

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