The IRS Audit Blog

Posts Tagged ‘1040x’

Question: if you send your 1040X Tax Form in July 2007, how long will it take for the IRS to send it to me?

all the corrections are correct. I sent it to Kansas City, Missouri from St. Louis Missouri.

this week is the 6th week and I checked on the IRS site and they still didnt process it.

sent my 1040x on July 16th, 2007

Answer: I sent my amendment in mid July and still have not heard anything either. My accountant said when you check the IRS site, it doesnt include amended returns. He said if it ends up being 3 months and I still havent recieved anything to call the IRS, but he said to wait almost 4 months just in case, because the IRS isnt very helpful when it comes to amendments because they arent tracked well. I am still hoping for an earlier than 3 months. Good Luck! Lets hope we get our money soon!

4 Steps to Undo a Roth IRA Conversion

Follow these four helpful hints to correctly recharacterize your Roth to a traditional IRA.

{Income Tax Savings} This VIDEO Will Save You $7234 Per Year In Your Home Based Business!

Question: I need Instructions for IRS Form 1040X?

I need to file a Form 1040X to get a refund of my taxes from 2006 but the form refers to questions in the booklet which I do not have. Any help would be greatly appreciated.

Answer: All forms and instructions are available for download at:

www.irs.gov

Brian J. O’Connor: A web of unclaimed cash

The state of Michigan is shortening the amount of time before it grabs your unclaimed cash from dormant bank accounts, old utility or rental deposits, uncashed paychecks and the like.

How to Complete a 1040EZ Tax Form : 1040EZ Tax Form Overview

Question: How should I return my tax refund?

I filed my taxes early this year and I just received my tax refund today. Unfortunately, it turns out I have to amend my tax return. After filling out the amended return (form 1040x) it looks like I only get a $40 refund instead of the $460 I received today. Should I just file the amended return and wait for the IRS to ask for its overpaid refund (~12 weeks), or might I get in trouble for waiting so long? If so, what actions should I take?

Answer: Just enclose a check for $420 with the amended return.

Be sure to send the amended return via Certified Mail, Return Receipt Requested so that you have proof of mailing and proof of receipt by the IRS.

Sunrise Senior Living to Receive $50 Million from HCP for 27 Management Contracts

MCLEAN, Va., Aug. 31 /PRNewswire-FirstCall/ — Sunrise Senior Living, Inc. (NYSE: SRZ) announced today that it has entered into a settlement and restructuring agreement with HCP, Inc. and certain of its affiliates to, among other things, transition Sunrise from management of 27 HCP-owned senior living communities for an aggregate cash payment of $50 million to Sunrise, and to settle the lawsuits …

SRS & Amended Tax Returns

Question: Amending tax return to report direct rollover from annuity to IRA?

I forgot to report a direct rollover (no tax liability, $0) on 16a of IRS Form 1040. Does anyone know how to amend the tax return to reflect this information? I don’t see a line for it on 1040x. Any advice is appreciated. Thanks.
Thanks so much for this response. Will do!

Answer: Don’t fill in the numbered lines. Just describe what you did in the explanation section and mail it in.

Helpful tips for tax time deadlines

April 15 is just around the corner and as millions of Americans sit down with piles of paperwork and wrinkled receipts, these may be some most-welcome tips and tidbits.

Question: Do I have to file a tax adjustment form (1040X)?

The day after I got my refund, I received a 1099-B and a 1099-DIV in the mail from a mutual fund I sold and took a bit fat loss on. However, there are capital gains ($41.77) and dividends ($40.28) on it. Do I need to file an adjustment, or is the amount small enough that I can claim it next year? I tried to read the directions but was just baffled by it, and the IRS help desk didn’t know.

Answer: You need to declare ALL income in current year on your current tax return. You’ll need to file 1040X to amend your tax return even if you don’t owe taxes on the income. If you fail to do so, you will eventually get a “love letter” from the IRS asking about the income. Depending on your total income, you may or may not owe taxes.

PUC programs target community

The start of a new year — and decade — has triggered a renewed commitment to volunteerism and service learning as part of the educational experience at Purdue University Calumet. In response, PUC’s Office of Student Affairs is inviting students to partake during the upcoming months in three distinct initiatives intended to provide much-needed community assistance and valuable learning. They …