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Amended Tax Returns - when to do it?
Posted on 1/27/15 at 5:39 pm
Posted on 1/27/15 at 5:39 pm
A "friend I know" may have forgotten to include a W-2 with less than $500 of income in his tax return. The net difference is an increase in refund of about $10.
Does this meet the threshold for submitting an amended return? Any penalty for not amending if the change decreases your taxes owed/increases your refund?
Does this meet the threshold for submitting an amended return? Any penalty for not amending if the change decreases your taxes owed/increases your refund?
This post was edited on 1/27/15 at 5:45 pm
2
Posted on 1/27/15 at 6:50 pm to HurricaneDunc
Errors like that will generate an automated notice just with the IRS's document matching programs.
There may be a de minimus amount though. $10 is hardly worth the paper and postage, but since it is automated it might get spit out anyway.
There may be a de minimus amount though. $10 is hardly worth the paper and postage, but since it is automated it might get spit out anyway.
Posted on 1/27/15 at 7:09 pm to Tiger n Miami AU83
I have yet to see a single matching notice that results in an additional refund for a taxpayer. Maybe it happens.
I don't think the $10 is worth filing an amended return for. And I'd say the same if you owed the $10... let the IRS send you a bill if they care enough to.
I don't think the $10 is worth filing an amended return for. And I'd say the same if you owed the $10... let the IRS send you a bill if they care enough to.
Posted on 1/28/15 at 1:02 pm to HurricaneDunc
Did your "friend" calculate what the change in state tax might be?
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