Amended Tax Return
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Amended Tax Return
Posted by pakowitz on 2/12 at 10:27 pm
I filed my taxes today, but I discovered that I put something incorrectly. I file a 1040EZ form, and I do the standard deduction because I don't have anything except for the interest I pay on my student loans. I put in the correct amount of interest I paid; however, I accidentally put Sallie Mae as my lender instead of the correct lender which is the department of education. The math is correct, though. I don't know whether to file an amended tax return or just let it be. Any suggestions?

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Posted by mmtsanders on 2/12 at 11:24 pm to pakowitz
I don't know the answer to this but I do know that if you are expecting a refund and you file an ammended return right now that your refund will be held up for quite a while.

I did an ammended return 2 days after I filed my taxes last year in February of last year and I got my refund in October.

When I called the IRS to ask why it was taking so long, they told me that when you ammend your return, it is flagged and sent to a "live" person who then sends it to another department, etc so the process takes a while.

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Posted by Poodlebrain on 2/12 at 11:39 pm to pakowitz
You do not need to amend your return. The IRS matches amounts on returns to information it receives. It does not have the capability to track sources for matching. As an example, if you own stock in a brokerage account you might receive $50 of dividends from ABC Corp and $100 of dividends from WXZ Corp. The IRS will look for $150 of dividend income on your return, and if it is there they are satisfied.

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Posted by MOT on 2/13 at 1:35 pm to mmtsanders
Is there a deadline to file an amended return? I filed last week and received a corrected 1098 from my mortgage company this week. It will result in an extra $200, or thereabouts, on my refund.

If I wanted to avoid the possible delay could I wait to file the amended return after receiving the refund?

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Posted by yellowfin on 2/13 at 1:51 pm to MOT

If I wanted to avoid the possible delay could I wait to file the amended return after receiving the refund?

Yes, I'd wait til after 4/15

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Posted by weaglebeagle on 2/13 at 2:17 pm to MOT
You have three years from 4/15. So you have until 4/15/2016.

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Posted by mmtsanders on 2/13 at 3:06 pm to MOT
Yes wait until they process the original and then file the ammended return so it is not flagged. I did ask the IRS the same question and was told that I could have filed it after my first tax return had been filed.

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