file amended return or extension?

Apr 12, 2012 4 Replies

I have filed my 1040 in later March and have got my refund from Fed and State already. Suddenly I got one additional K-1 and an amended



1099 today. What's the best option for me now? File 1040X immediately now? 1040X later? file extension now? I just want to avoid causing unnecessary "flags" to IRS.

Thanks.


Well, filing an extension would be a bad idea because, having filed your 2011 return, you have nothing to extend.

Technically, you could file a substitute/replacement Form 1040 and all supporting schedule before midnight, April 17. Alternatively, you can file a 1040X sometime after April 17, 2012. It's your choice but if it were me, I'd go with the 1040X.

Does the amended 1099 and K-1 have you owing money? If yes, a substitute

1040 (I never heard of that before) or 1040-X right away is in order in order to avoid interest/penalties.

A 1040X received by the due date (including postmark) IS a "replacement

1040."

That's good to know. Thanks.

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