I finished filing my 2008 taxes and then noticed that I made a typo and underreported my W-2 income by $5 (that's just 5, not 5K or 5M). I filed Schedule B and Schedule D along with the 1040 and there were no errors on the schedules.
I'm hoping I don't need to do anything to correct this, since this particular error is not something that affects the accounting on future returns, and my additional liability is a mere $1.40. What say you?
JP
Fuggedaboutit!
Andy comments:
Last year on my taxes I forgot to add in a 2000 dollar income item. When the IRS send me my refund for that year, it had added the item in and sent me a lower refund, based on what it should have been.
They added a cover letter saying that if I disagreed with their accounting, I should contact them. Otherwise , we were all square.....
I think that might be what is done in your case. If they have a record of what the amount should be, as on the W2, they might just send you back a refund that is $1.40 less than you expect.....
Or, they might just blow the whole thing off....
Either way, you won't be in trouble for an honest mistake of very very small consequence...... You can sleep easily.
Andy
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