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pakowitz
LSU Fan
Scott, LA
Member since Jul 2005
2155 posts

Amended Tax Return

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?


mmtsanders
LSU Fan
Member since Nov 2011
252 posts

re: Amended Tax Return
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.



Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
17580 posts

re: Amended Tax Return
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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MOT
LSU Fan
Member since Jul 2006
14089 posts

re: Amended Tax Return
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?


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
78193 posts

re: Amended Tax Return
quote:

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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weaglebeagle
Auburn Fan
Alabama
Member since Jan 2011
1433 posts

re: Amended Tax Return
You have three years from 4/15. So you have until 4/15/2016.


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mmtsanders
LSU Fan
Member since Nov 2011
252 posts

re: Amended Tax Return
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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