I recieved 2 1099-Misc(s) after I filed...I know I need to file an Amended return but I'm very confused...

Mar 12, 2005 5 Replies

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mattsings 21 years ago

I used Turbo Tax to file taxes this year for my wife and me. We did them in Late January assuming we had recieved all of our tax documents and could think of no others we had missed. I didn't even start until January 30th assuming everyone had sent out their papers because they are due by January 31st. Well, I ended up forgetting about 2 1099-misc(s) and they came after we filed. So I assume I have to file and Amended return but I'm very confused as to how to do it - at least using Turbo Tax I'm very confused. Here is where I get lost...I did what TurboTax told me to do which was first, correct my return, meaning...include the two 1099-Misc(s) in my schedule C. I did that. Then I end up at a page that says this: Enter the following payment amounts, if applicable, from your original 2004 return. Amount Paid With Form 4868, Form 2688, or Form 2350, Applications for Extension of Time to File (Form 1040, Line

68) _____ Amount of Tax Paid With Original Return PLUS Additional Tax Paid AFTER the Return Was Filed (NOT Including Interest or Penalty Payments) ____ Overpayment, If any, As Shown on Your Original Return OR As Previously Adjusted by the IRS (Form 1040, Line 71) _____ So I can answer the first one but the second one is where I stumble. I haven't paid more money yet until I know how much to send...am I right? TurboTax has calculated the difference already which is around $600...so what do I put in for the second one? Can someone help me?

Also, I'll be giving the gov't money, but I've heard filing an Amended return can lead to auditing...is this true?

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Phil Marti 21 years ago

This never ceases to amaze me. How in the world do you know the 1099's are accurate if you don't keep books on this activity? Fix that, and you won't have this problem again.

Then everything else is zero. You paid the balance shown on the original return, you haven't sent any more money, and you haven't gotten a refund. This section is computing what you will owe with the 1040-X.

I've heard there are pickled aliens in Roswell. An amended return, especially one claiming an increase in tax, isn't going to trigger an audit.

-- Phil Marti Clarksburg, MD

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mytax 21 years ago

Did you pay any extra with your return? If no, the answer is -0-. Any overpayment is - what was your refund amount? It sounds like you have a refund coming from the original return. It sounds like you will owe $600 with your form

1040X (amended return). The deadline for companies to have the information in your hand OR in the mail is January 31st. You should at least wait until Feb. 15th to file. Missy Doyle

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Bob Sandler 21 years ago

That second question is asking what you have already paid, not what you are going to pay. Leave it blank.

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D. Stussy 21 years ago

....And if you HAD kept "books and/or records" on your income, you would (or should) have already included it on your tax return - so if the amounts matched, there would be nothing to amend. Remember that not every payment you receive needs a 1099-MISC, but you are still supposed to report every payment you get (that constitutes income).

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Matt 21 years ago

I should clear some things up...I already filed and PAYED the gov't over $3500 and it looks to me that I owe them another $600-ish now that I have these two new 1099s. So should I go ahead and send it in or wait?

MATT

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