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Posted by Bill on June 20, 2006, 1:53 am
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ihsiuhuang@gmail.com posted:
> I got a question here regarding 1040X.
> couldn't find the answer i needed on the
> instruction and here i am hoping you guys can
> help.
> I recently filed my income tax, i filed jointly
> with my wife. i did it electronically, by mistake I
> claim deduction for my wife's school tuition
> AND took education credit both.
> =A0=A0=A0=A0i guess the program didn't catch the
> mistake. my wife is applying for financial aid
> now and the financial aid counselor in her
> school sent us a notice telling us we need to
> correct the mistake on our income return first.
> so my question is, what kind of forms besides
> 1040X do i need to sent in? I did some
> calculation, and i find out that if I dont claim
> any tuition deduction, BUT take the education
> credit, i still ended up with a $48 refund which
> is the same number I get when i mistaking
> claim both before.
> =A0=A0so since i don't owe any tax by doing that, is
> it important for me to attach any other forms
> besides 1040x? =A0 for example, do i need to fill
> out a new form 8863 and 1040? basically the
> changes on the 1040x would be my taxable
> income and education credit, but since we are
> a poor student couple we dont owe any tax.
> hopefully someone can help me, thanks!
No, you don't need to file any other new forms. It's
apparent that your low income qualified you for the
education credit, and the additional deduction claimed as an
Adjustment to Income, had no impact, since your "standard
deductions" wiped out any tax liability anyway.
This seems to be a case of "no harm, no error" -- and I
would vote for not complicating the process by adding
paperwork.
However, since the "counselor" insists you correct your
forms, you have a choice: You can file a 1040-X -- which
simply would show the adjusted gross income increase.
(There is space on page two to explain the change, and you
could do so by writing "Adjustment taken in error" with a
reference to the line item # you've changed.)
Then, you could make the change on a photocopy of your
original 1040 (with whiteout) so your wife's application
doesn't show any error. Submitting both items to the
"counselor" should mollify her/him.
Neither action will affect your return, on the facts you
present.
Bill
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