When should I file an amended return?

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Subject Author Date When should I file an amended return? NadCixelsyd 05-01-2009  Re: When should I file an amended return? Arthur Kamlet 05-01-2009  Re: When should I file an amended return? Paul Thomas, CPA 05-01-2009  Re: When should I file an amended return? NadCixelsyd 05-02-2009  Re: When should I file an amended return? Arthur Kamlet 05-02-2009
Posted by NadCixelsyd on May 1, 2009, 3:34 pm Please log in for more thread options I filed my taxes in mid-April. I just found a 1099 for the sale of $10k of stock. Should I file 1040X now, or should I wait until they've processed my 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 (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on May 1, 2009, 4:03 pm Please log in for more thread options >I filed my taxes in mid-April. I just found a 1099 for the sale of >$10k of stock. Should I file 1040X now, or should I wait until >they've processed my return? When you do get the notice, many many months will have gone by. If you had a gain on sale you will owe tax plus interest and penalty. And you will have to supply Schedule D information at that time anyway. Get it out of the way now and file an amended return and a new schedule D. -- 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 Paul Thomas, CPA on May 1, 2009, 4:33 pm Please log in for more thread options >I filed my taxes in mid-April. I just found a 1099 for the sale of > $10k of stock. Should I file 1040X now, or should I wait until > they've processed my return? If you e-filed it, it's already been processed by now. If you paper filed it, it's in the pipeline and it'll be ahead of the amended return, so amend away. -- Paul Thomas, CPA Watkinsville, Georgia -- << ------------------------------------------------------- >> << 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 NadCixelsyd on May 2, 2009, 2:20 pm Please log in for more thread options > > they've processed my return? > > If you e-filed it, it's already been processed by now.  If you paper filed > it, it's in the pipeline and it'll be ahead of the amended return, so amend > away. > Yeah, but... I'm going to owe an additional $1800. Can I wait until my refund of $3200 (which should have been $1400) arrives before I amend. -- << ------------------------------------------------------- >> << 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 May 2, 2009, 2:43 pm Please log in for more thread options >> > they've processed my return? >> >> If you e-filed it, it's already been processed by now.  If you paper filed >> it, it's in the pipeline and it'll be ahead of the amended return, so amend >> away. >> >Yeah, but... I'm going to owe an additional $1800. Can I wait until >my refund of $3200 (which should have been $1400) arrives before I >amend. Sure you can wait. But the interest you will owe builds up daily. -- 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. >> << ------------------------------------------------------- >> Similar Threads Posted penalties if you discover underpayment of taxes and file amended return April 5, 2008, 1:10 am Can I file 1040 as an amended tax form after I file a 1040A? 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