Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-18-2011, 09:31 PM
Junior Member
 
Join Date: Apr 2011
Posts: 1
Incorrect filing

I have just learned that $16,000 paid to me from a trust fund in early 2010 should have been declared on my 2009 return... oops! How do I go about correcting this?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-19-2011, 08:46 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
“I have just learned that $16,000 paid to me from a trust fund in early 2010 should have been declared on my 2009 return... oops! How do I go about correcting this?”---->In general, The IRS usually corrects general math errors and simply lets you know of any changes. But you need to file your amended return as you discover ,before the IRS does, that your total income was reported incorrectly(understated by $160,000 in this case): you need to use form 1040X to correct previously filed 1040 or your state return form. Your amended return is done on paper.So, your Form 1040X must be filed by mail; the IRS does not allow it to be efiled, so you must print your tax return and mail it with your completed Form 1040X to the IRS address provided in the 1040X instructions. As long as you can pay the extra tax by April 18th 2011, there will be no penalties or interest due. Any debt remaining past April 18th 2011 will be subject to penalties and interest for late payment of tax. You MAY ask the IRS to waive the penalties and sometimes they'll do that if you have a good reason; I guess you may contact IRS nearest you in you r local area.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Received incorrect 1099 - what can I do? maconomist Sole-Proprietorship 1 01-21-2011 05:48 AM
Incorrect SSN on 1099, what do I do? giannamarie Income 1 03-23-2010 03:30 PM
We received an incorrect 1099 misc after filing our taxes shearon Income 1 02-28-2010 02:17 PM
Incorrect 1099 lulu Income 0 02-07-2010 11:09 PM
Please Help, I received an incorrect 1099 ericbdavies Income 4 02-07-2010 10:51 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning