Questions on filing tax amendment
April 13, 2010 4:26 PM Subscribe
I filed my state and federal taxes last month; on each return I filed as a dependent, believing my parents were claiming me for last year. Turns out they didn't, so now I need to file an amendment. Should I pay the taxes I owed according to my 'dependent status' before my amendment is processed?
Turns out I was not claimed as a dependent last year, as my initial tax returns stated. I have not yet paid the taxes I owe for my initial (incorrect) filing. When I refile as an independent, I anticipate a refund as opposed to owing anything.
The 1040 and 1040x will be filed this week, but they apparently take 6 to 8 weeks to process. Should I pay the amount I owe on the initial filing, and anticipate that amount being refunded to me - along with my expected refund - once my amendment is processed? Or should I hold off on paying anything, and just wait for the delayed refund?
If this question has already been answered by the IRS, please feel free to just link it here. Money matters tend to clog my head and . . . I get so . . . confused. Also, if my question doesn't make any sense please tell me, as I am happy to rephrase.
Turns out I was not claimed as a dependent last year, as my initial tax returns stated. I have not yet paid the taxes I owe for my initial (incorrect) filing. When I refile as an independent, I anticipate a refund as opposed to owing anything.
The 1040 and 1040x will be filed this week, but they apparently take 6 to 8 weeks to process. Should I pay the amount I owe on the initial filing, and anticipate that amount being refunded to me - along with my expected refund - once my amendment is processed? Or should I hold off on paying anything, and just wait for the delayed refund?
If this question has already been answered by the IRS, please feel free to just link it here. Money matters tend to clog my head and . . . I get so . . . confused. Also, if my question doesn't make any sense please tell me, as I am happy to rephrase.
yes, I would call. Unless someone here has experienced the exact same situation and timeline (in terms of deadlines), answers might not be correct. If the amount you need to pay is doable for you...go ahead... refunds and corrections are fairly fast in this day and age.
posted by HuronBob at 5:28 PM on April 13, 2010
posted by HuronBob at 5:28 PM on April 13, 2010
Best answer: from the irs website:
If you are filing to claim an additional refund, wait until you have received your original refund (you may cash that check). To avoid penalty and interest, if you owe additional tax for a tax year, file Form 1040X and pay the tax by April 15 of the following year.
so, your wrong return indicates that you owed money. your right return indicates that you get money back. so, in reality, going with what the right return says, you do not owe money at all (even if you had not filed the wrong return) correct? if that's the case, then i would NOT send them a check, and just wait for them to send you a check.
keep copies of everything, just in case.
posted by misanthropicsarah at 5:49 PM on April 13, 2010
If you are filing to claim an additional refund, wait until you have received your original refund (you may cash that check). To avoid penalty and interest, if you owe additional tax for a tax year, file Form 1040X and pay the tax by April 15 of the following year.
so, your wrong return indicates that you owed money. your right return indicates that you get money back. so, in reality, going with what the right return says, you do not owe money at all (even if you had not filed the wrong return) correct? if that's the case, then i would NOT send them a check, and just wait for them to send you a check.
keep copies of everything, just in case.
posted by misanthropicsarah at 5:49 PM on April 13, 2010
Response by poster: Turns out the org. that efiled for me still has me on record and can process my amendment pretty quickly. Thanks for the answers all, this stuff is all so bewildering to me.
posted by Think_Long at 7:50 AM on April 14, 2010
posted by Think_Long at 7:50 AM on April 14, 2010
This thread is closed to new comments.
posted by not that girl at 5:06 PM on April 13, 2010 [1 favorite]