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Posted by steve.talley on February 6, 2007, 9:58 pm
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I recently e-filed my taxes and a week later a 1099-INT for
came to my house for interest paid on a Certificate of
Deposit I cashed in last year. The interest wasn't very
much, approximately $84.00, but I know I need to pay taxes
on this. Any recommendations on how to do this? I want to
avoid paying penalties if at all possible.
Thanks.
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Posted by Bill on February 7, 2007, 7:48 pm
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steve.talley@ctcoftulsa.com posted:
> I recently e-filed my taxes and a week later a
> 1099-INT for came to my house for interest
> paid on a Certificate of Deposit I cashed in last
> year. The interest wasn't very much,
> approximately $84.00, but I know I need to
> pay taxes on this. Any recommendations on
> how to do this? I want to avoid paying
> penalties if at all possible.
File a 1040-X, to amend your return. However, you should
wait until processing is complete. Depending on whether you
were due a refund or owed additional taxes, that can be
confirmed by either receipt of the actual refund via direct
deposit or check, or confirmation from your bank that your
payment has cleared your account (either cancelled check or
image of one). That should occur long before this year's
deadline, since you filed already.
Then just follow the directions on 1040-X, and submit
whatever additional payment would be required (probably no
more than $20 -- perhaps as little as $5).
Bill
<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by bono9763@yahoo.com on February 7, 2007, 7:48 pm
Please log in for more thread options steve.tal...@ctcoftulsa.com wrote:
> I recently e-filed my taxes and a week later a 1099-INT for
> came to my house for interest paid on a Certificate of
> Deposit I cashed in last year. The interest wasn't very
> much, approximately $84.00, but I know I need to pay taxes
> on this. Any recommendations on how to do this? I want to
> avoid paying penalties if at all possible.
You need to file an amended return, Form 1040X (and probably
a state amendment also). Wait until your first return has
been processed before filing 1040X. If you file the
amendment before April 17, 2007, there won't be any
penalties or interest due on the extra tax you owe.
Dennis
<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Mike Wellman on February 7, 2007, 7:48 pm
Please log in for more thread options steve.tal...@ctcoftulsa.com wrote:
> I recently e-filed my taxes and a week later a 1099-INT for
> came to my house for interest paid on a Certificate of
> Deposit I cashed in last year. =A0The interest wasn't very
> much, approximately $84.00, but I know I need to pay taxes
> on this. =A0Any recommendations on how to do this? I want to
> avoid paying penalties if at all possible.
It will cost the IRS far more to process an amended return
than the tax you will pay. Give the taxpayers a break and do
nothing. I do not think the matching program will catch it
because it is below the tolerances. If it, does, they will
bill you. If it is keeping you up at night (Monk) then send
in a corrected return.
<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by John D. Goulden on February 9, 2007, 12:11 am
Please log in for more thread options > It will cost the IRS far more to process an amended return
> than the tax you will pay. Give the taxpayers a break and do
> nothing. I do not think the matching program will catch it
> because it is below the tolerances...
What are these tolerances? Are they published by the IRS or
just informally known?
--
John D. Goulden
<< ======================================================= >>
<< 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 (2006) - All rights reserved. >>
<< ======================================================= >>
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