Quote:
Originally Posted by TaxGuru  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
