Posted: 1/24/2013 6:17:26 PM EDT
|
I have to amend a tax return from 2010 because I forgot to add a 1099-MISC.
When is the latest I can amend this? This years returns? |
|
Quoted:
you can amend a 2010 tax return thru 2013 ( you can amend the current year, 2012, and three years prior - 2011, 2010, 2009 this year) Close, but not quite. Because the 2010 tax return was due in 2011 and there is a 3 year statute of limitations, that would make it 2014, not 2013. To be honest, the 3 year statute is for how long the IRS can go back and open your tax return and make adjustments, or for you to go back and request a refund (assuming you don't fall under a longer statue like fraud). However, you can go back as many years as you want and amend your return, pick up the income, and write them a check, they are not going to complain. Even if the 3 years statute has passed and they can't legally open the return up and assess taxes on you, they will still take your check if you choose to send them one. I personally wouldn't choose to amend for several reasons, but that is up to you. |
|
Quoted:
Quoted:
you can amend a 2010 tax return thru 2013 ( you can amend the current year, 2012, and three years prior - 2011, 2010, 2009 this year) Close, but not quite. Because the 2010 tax return was due in 2011 and there is a 3 year statute of limitations, that would make it 2014, not 2013. To be honest, the 3 year statute is for how long the IRS can go back and open your tax return and make adjustments, or for you to go back and request a refund (assuming you don't fall under a longer statue like fraud). However, you can go back as many years as you want and amend your return, pick up the income, and write them a check, they are not going to complain. Even if the 3 years statute has passed and they can't legally open the return up and assess taxes on you, they will still take your check if you choose to send them one. I personally wouldn't choose to amend for several reasons, but that is up to you. I'm all ears for why not to amend. |
|
Quoted:
did they send you a letter saying you missed a 1099? if not I dont think I would mess with it I have not received a letter. The 1099 was hand delivered by my former employer way after they deadline. It is only a 1099 for around $1750 in wages. How much can I expect to owe for this? I will make up my own mind, but what are peoples thoughts? Should I amend or not? I'd love to hear from tax professionals on this one. |
|
Quoted:
Quoted:
Quoted:
you can amend a 2010 tax return thru 2013 ( you can amend the current year, 2012, and three years prior - 2011, 2010, 2009 this year) Close, but not quite. Because the 2010 tax return was due in 2011 and there is a 3 year statute of limitations, that would make it 2014, not 2013. To be honest, the 3 year statute is for how long the IRS can go back and open your tax return and make adjustments, or for you to go back and request a refund (assuming you don't fall under a longer statue like fraud). However, you can go back as many years as you want and amend your return, pick up the income, and write them a check, they are not going to complain. Even if the 3 years statute has passed and they can't legally open the return up and assess taxes on you, they will still take your check if you choose to send them one. I personally wouldn't choose to amend for several reasons, but that is up to you. I'm all ears for why not to amend. I am not going to give you advice on this. But if it were me, this is why I would not amend. For one, once the 3 year statute has ended, the IRS can't come back and assess taxes on you. Based on the amount you said you missed, it is clearly not a large amount so they wouldn't be able to pull the fraud card on you and open a larger statute window. Two, amending a return automatically opens it up again to IRS scrutiny. You are pretty much saying, the first return was wrong, please look at it again. Even if you are correcting it, you are giving the IRS another chance to review your return and possibly select you for audit. Three, amending won't get you out of the penalties, so I would just wait to see if they assess against me. There is a chance it would get overlooked and I wouldn't have the pay the extra tax or the penalties and interest. Last, amending the return opens up the 3 year statute again. So the IRS would have another 3 years to possibly audit you and/or assess additional tax, interest, and penalties. That is why I personally wouldn't amend. But that is just me. |
|
Quoted: I am not going to give you advice on this. But if it were me, this is why I would not amend. For one, once the 3 year statute has ended, the IRS can't come back and assess taxes on you. Based on the amount you said you missed, it is clearly not a large amount so they wouldn't be able to pull the fraud card on you and open a larger statute window. Two, amending a return automatically opens it up again to IRS scrutiny. You are pretty much saying, the first return was wrong, please look at it again. Even if you are correcting it, you are giving the IRS another chance to review your return and possibly select you for audit. Three, amending won't get you out of the penalties, so I would just wait to see if they assess against me. There is a chance it would get overlooked and I wouldn't have the pay the extra tax or the penalties and interest. Last, amending the return opens up the 3 year statute again. So the IRS would have another 3 years to possibly audit you and/or assess additional tax, interest, and penalties. That is why I personally wouldn't amend. But that is just me. Let's reverse it for a moment. Suppose the OP discovered some missing deductions or something, and found that he was due $1750 back from the IRS. Would you amend it? Presumably, you'd get your $1750, but reset the 3 year clock and draw the IRS attention. Do you amend now? |
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.