Does an a mistake that has no effect matter?

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Subject Author Date Does an a mistake that has no effect matter? ted 10-28-2009  Re: Does an a mistake that has no effect matter? Arthur Kamlet 10-28-2009  Re: Does an a mistake that has no effect matter? HLunsford 10-29-2009
Posted by ted on October 28, 2009, 4:34 pm Please log in for more thread options On my 2008 return a receipt that is really long term capital gains was called interest. Since I have zero AGI anyhow, it really doesn't much matter this year, and would be increasing my taxes anyhow. Strictly speaking, is there any need to correct the error? I will have the same payment in future years, and "hope" to have a positive AGI, and I will call it long term capital gains. Any chance the IRS will sieze on my error this year and insist I call it interest next year? I doubt it, but just want to make sure. Thanks -- << ------------------------------------------------------- >> << 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 Arthur Kamlet on October 28, 2009, 4:58 pm Please log in for more thread options >On my 2008 return a receipt that is really long term capital gains was >called interest. Since I have zero AGI anyhow, it really doesn't much >matter this year, and would be increasing my taxes anyhow. Strictly >speaking, is there any need to correct the error? > >I will have the same payment in future years, and "hope" to have a positive >AGI, and I will call it long term capital gains. Any chance the IRS will >sieze on my error this year and insist I call it interest next year? I doubt >it, but just want to make sure. Please tell us more, explaining what these payments are and why you are sure the issuer is wrong -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << 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 HLunsford on October 29, 2009, 9:57 am Please log in for more thread options Arthur Kamlet wrote: >> On my 2008 return a receipt that is really long term capital gains was >> called interest. Since I have zero AGI anyhow, it really doesn't much >> matter this year, and would be increasing my taxes anyhow. Strictly >> speaking, is there any need to correct the error? >> >> I will have the same payment in future years, and "hope" to have a positive >> AGI, and I will call it long term capital gains. Any chance the IRS will >> sieze on my error this year and insist I call it interest next year? I doubt >> it, but just want to make sure. > > > Please tell us more, explaining what these payments are and why > you are sure the issuer is wrong I maybe read between the lines, but I think ted is saying that he mistakenly put the amount on the wrong line and in the wrong place. So then, it will help us to know what kind of 1099 document and the amount it was on said document. But if you merely put a relatively small amount, say $5,000 on the interest line on schedule b, and AGI is zero, you might as well ignore the procedural error and see if IRS sends you a letter 17 months down the road. ChEAr$, Harlan Lunsford, EA n LA -- << ------------------------------------------------------- >> << 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 Does it matter if it is my or spouse's income December 14, 2008, 7:51 pm Mistake February 6, 2007, 9:58 pm Mistake on W-3 February 26, 2007, 12:54 am Effect of Married Checkbox on W-4? January 24, 2007, 2:15 am Mistake for a tax preparer December 28, 2006, 12:07 am SMLCC: effect of notice 99-6 being obsolete? October 1, 2009, 11:39 am major tax mistake and the IRS scares me! March 1, 2007, 7:06 am IRS made a mistake and making me pay November 12, 2007, 12:11 am Side effect of IRS extension of filing deadline April 18, 2007, 2:16 am Foreign Tax Withheld - Bottom Line Effect August 19, 2007, 10:18 pm