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Started By
Message
Got a letter from the IRS re: I owe more money from 2012 - need help from abroad
Posted on 8/3/14 at 8:35 am
Posted on 8/3/14 at 8:35 am
I received a letter this week from the IRS stating that I owe an additional $1,500 on my 2012 taxes. After looking at the documents, I definitely screwed a few things up on my tax return that I would like to fix, but I am currently deployed for the next 4 months and I don't have access to a CPA or anyone who can help me with this.
My errors are:
1 short-term capital gains (mutual fund sale)
2 long-term capital gains (1 mutual fund, 1 stock)
2 missing W-2 forms from jobs my wife had prior to our marriage. Both of the businesses are now closed and the total taxable wages for those jobs is $1,339.
Since I did not report the sales of my mutual fund and stock, they are wanting to tax the entire amount, which is wrong because I should just owe it on the gain, correct?
I have the 1099-B for these sales and I have determined the cost basis and I have the total gain, but I am having some trouble figuring out how to put all of this onto a 1040x.
If anyone can just point me in the right direction I would greatly appreciate it. I have a general understanding of how it all works but I am just lost on a few of the details.
Also, is it possible for me to get an extension since I am currently deployed? I would feel a lot more comfortable if I could take all my paperwork to someone to look over this when I get back.
My errors are:
1 short-term capital gains (mutual fund sale)
2 long-term capital gains (1 mutual fund, 1 stock)
2 missing W-2 forms from jobs my wife had prior to our marriage. Both of the businesses are now closed and the total taxable wages for those jobs is $1,339.
Since I did not report the sales of my mutual fund and stock, they are wanting to tax the entire amount, which is wrong because I should just owe it on the gain, correct?
I have the 1099-B for these sales and I have determined the cost basis and I have the total gain, but I am having some trouble figuring out how to put all of this onto a 1040x.
If anyone can just point me in the right direction I would greatly appreciate it. I have a general understanding of how it all works but I am just lost on a few of the details.
Also, is it possible for me to get an extension since I am currently deployed? I would feel a lot more comfortable if I could take all my paperwork to someone to look over this when I get back.
Posted on 8/3/14 at 9:17 am to Azazello
Posted on 8/3/14 at 9:24 am to Azazello
quote:
is it possible for me to get an extension since I am currently deployed?
Read Iowa's link carefully. If you're deployed in a combat zone or supporting combat ops it seems the answer is yes. Just being deployed isn't enough.
Posted on 8/3/14 at 9:33 am to foshizzle
Damn, unfortunately won't apply to me (not currently in a combat zone).
I still have a month to get this sorted out.
I still have a month to get this sorted out.
Posted on 8/3/14 at 11:39 am to Azazello
quote:
Got a letter from the IRS re: I owe more money from 2012 - need help from abroad
Would help, but I'm not a broad.
Yuk, yuk, yuk.
Oh, and thanks for your service!
Posted on 8/3/14 at 9:47 pm to Azazello
A 1040X is basically a summary form that shows total effect of changes. You need to first fill out the underlying forms. If your situation is not too complex, it might be easier to just re-do your 1040 as if you were doing it for the first time with all the correct information.
Once you have your "old" and "new" 1040, you compare the two, and you have the information now to fill out the 1040X.
Do you have ability to call IRS? If so, call them and tell them that you are deployed, and what your options are. Sounds like you will owe some, but not all of that $1,500. They may be able to work with you.
Thank you for your service.
Once you have your "old" and "new" 1040, you compare the two, and you have the information now to fill out the 1040X.
Do you have ability to call IRS? If so, call them and tell them that you are deployed, and what your options are. Sounds like you will owe some, but not all of that $1,500. They may be able to work with you.
Thank you for your service.
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