1040-X and Stimulus Payment i

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Subject Author Date 1040-X and Stimulus Payment i Larry Israel 06-05-2009  Re: 1040-X and Stimulus Payment i Phillip Marti 06-05-2009
Posted by Larry Israel on June 5, 2009, 5:29 am Please log in for more thread options I made a mistake on my 2007 return. On Schedule D I failed to enter the sum of short term capital losses on line 7, although I did the calculations for line 16 correctly. The IRS did the calculation based on line 7 being zero, and increased my taxable income, and thus my taxes. They deducted this amount from the stimulus payment I received. To add insult to injury, I did not notice this until today. So I will have to file a Form 1040-X, along with a revised Schedule D. My question is how to indicate that the IRS already took my overpayment. Do I add it on line 17 of Form 1040-X, as "additional tax paid after it was filed"? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Phillip Marti on June 5, 2009, 7:20 am Please log in for more thread options "Larry Israel" wrote: >I made a mistake on my 2007 return. On Schedule D I failed to enter the sum > of short term capital losses on line 7, although I did the calculations > for > line 16 correctly. The IRS did the calculation based on line 7 being zero, > and > increased my taxable income, and thus my taxes. They deducted this amount > from > the stimulus payment I received. > To add insult to injury, I did not notice this until today. So I will have > to > file a Form 1040-X, along with a revised Schedule D. My question is how to > indicate that the IRS already took my overpayment. Do I add it on line 17 > of > Form 1040-X, as "additional tax paid after it was filed"? I haven't double checked the line number, but yes, it goes on the additional payments line of the 1040-X. -------------- Phil Marti, VITA Volunteer Clarksburg, MD -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Stimulus payment March 1, 2008, 6:06 pm Stimulus Payment for Teenager March 21, 2008, 3:51 pm Economic Stimulus Payment November 24, 2008, 2:04 pm Interpreting stimulus payment notice May 7, 2008, 12:24 pm economic stimulus payment question November 11, 2008, 11:31 pm stimulus payment - final post on this topic March 4, 2008, 8:53 pm Regarding stimulus payment, help me understand Net Income Tax Liability May 9, 2008, 10:20 pm Claiming stimulus payment on 2008 return? December 17, 2008, 6:50 pm 2007 Stimulus Payment and Interest Owed March 19, 2009, 9:05 am 1040X Sch C HR-10 contribution June 11, 2008, 8:25 pm