>
>
> > - Used Turbotax for 2007 taxes for federal and California taxes. >
> > - Filed tax returns before Apr 15 2008.
>
> > - Got IRS refund for $ XXX and CA state refund for $ YYY
>
> > - Got a notice from IRS in May 2009 about tax underpayment
>
> > - I had forgotten to include my ESPP transactions.
>
> > - I paid additional tax payment $ AAA + interest in June 2009. >
> > - After looking at tax docs, I realized that IRS did not consider cost
> > basis for ESPP and I should have raised questions in May 2009. >
> > - Now I want to correct my taxes with1040Xand noticed that tax
> > refunds of XXX and YYY still remain same after adding ESPP
> > transactions. So, no additional tax payment is required.
>
> > - Please guide me how I should take care of all this with Turbotax and
> >1040X. I am not sure where I have to enter $ AAA. My goal is to
> > cleanup tax and get my refund for $ AAA.
>
> > - My understanding is that I need to send only1040Xand other tax
> > forms to both IRS and CA tax board, is that right ?
>
> 1. Open your original return and save a copy titled "amended." Close
> the original return.
>
> 2. Open the amended return and complete Schedule D. As previously
> noted, the bottom line should be zero or a small loss equal to the
> fees on your ESPP sale. The bottom line of the amended 1040 should be
> the same as your original unless the fees moved you into a lower block
> on the tax table. (Sanity checkpoint)
>
> 3. Complete Form1040X. For the Column A numbers, use the numbers as
> previously adjusted by the IRS. At line 6 remember to include only the
> tax, not the interest you paid. Include only the additional tax paid--
> no interest--on Line 17. Line 19 is zero since you paid an additional
> amount when the return was adjusted by the IRS. Line 22 should be
> $AAA. (Sanity check)
>
> 4. Print the1040Xand the Schedule D and send them to the IRS.
>
> 5. I don't know the specifics of the CA amended return, but the
> process should be similar.
>
> Phil Marti
> Clarksburg, MD
Thanks for everyone for answering my questions and giving lots of details. I am ready with ammended tax returns. I sincerely want to convey my thanks for all active knowledgable people who took time to address my questions.
I have one last question about forms to be sent to IRS.
- Turbotax printed 1040x along with 1040, Schedules A, D etc. Do I need to send all of them ? I w'd think there is no W2 with ammended version, right ?
Regards,
-Gopi