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Posted by Bhoot Nath on November 29, 2007, 8:04 pm
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I filed my 2006 taxes on April 15, 2007, and paid extra taxes that
were due. The income was from wage (W2), interest (1099INT), dividend
(1099DIV), and a corrective distribution from 401K, for being
classified as a highly compensated employee (1099R).
In November, my company informed that the corrective distrubution was
larger than necessary, and that I can "return the excess corrective
distribution". This return will get credited back to my 401k, thus
reducing income, and ultimately reducing taxes. To do this I need to
file 1040X.
After using paper and pencil to do taxes for 18 years, this year for
the first time I had used a tax program, Tax Act. So, filing 1040x
would be quite straight forward. I would like to file the amended
return for 2006 now, and get the refund, before IRS (and I) get busy
with the 2007 taxes in January, 2008.
The organizing managing my company's 401k plan, MassMutual will issue
a corrected 1099R by Feb 2008, smack in the middle of the season for
2007 taxes. MassMutual said that I can "use the letter from my company
that lists refund amount to go ahead and amend the tax return for
2006, without waiting for 1099R".
Is this correct? I know that I do not have to submit the 1099R-
corrected with 1040x (since there is no tax deducted). But if I know
what the corrected amount is going to be, can I simply file the 1040X
now, rather than wait for Feb 2008? Again, this for the 2006 taxes,
filed in April 2007.
Bhoot Nath
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