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Message
Amended Tax Return
Posted on 10/8/12 at 9:30 am
Posted on 10/8/12 at 9:30 am
Just as we are about to close on our first home, lender discovers we need to amend a 2011 tax return... We have amended and sent to IRS, anyone here know approximate time for it to be processed and updated in their system? IRS says on its site 8-12 weeks but I was hoping this is worst case scenario. Original contract date was 10/31 but sellers have agreed to extend it to 12/15 (only 10 week period) Anyone here know of a way to expedite process or have any experience with this?
3
Posted on 10/8/12 at 10:08 am to lsusurfr98
I did an amended return this for 2011. I sent the info in and 3 weeks later, got a letter from IRS saying that they got everything and that I should hear something within 8-10 weeks, that was 2 months ago. Still haven't heard anything yet
Posted on 10/8/12 at 12:38 pm to guttata
Not what I wanted to hear... Thanks for the input though. Anyone else?
Posted on 10/8/12 at 2:06 pm to lsusurfr98
call your congressman to help expedite it. that is why you pay him the big bucks!
Posted on 10/8/12 at 5:28 pm to fatboydave
Seriously? I'm willing to try anything, it took us 2 years to find this house. So write my congressman and plead/beg/pray?
Posted on 10/8/12 at 8:49 pm to lsusurfr98
They are processing amended returns very slowly, eight to twelve weeks. I've tracked a few through the system lately.
No way to expedite, absolutely sure of this.
What are you amending for? Maybe your lender could be a little flexible? or maybe not...
No way to expedite, absolutely sure of this.
What are you amending for? Maybe your lender could be a little flexible? or maybe not...
Posted on 10/8/12 at 10:53 pm to tigeryat
Just amending a simple return, nothing fancy such as investment income, income other than only job held that year, etc. We've gone to our local IRS office, they stamped the amended return, and we presented that to the lender only to be told they no longer accept the stamp - it must be "processed" through the regional office, ours being Austin, TX. I will add that we now owe money, roughly 10% of what we received from refund. We sent the check with amended return. Since we are not getting any money from them, do you guys think this will shorten the time it takes to process?
Posted on 10/9/12 at 1:17 am to lsusurfr98
I amended ours on 03/01/2012 (they owed us money) and I got the refund ib September.
It seems that there are several steps in processing an amended return.
When I called to check on ours in late May, they said it had been stamped received and would be 4-8 weeks longer. When I called back in late July, it had gone though another stage and was sent to another department to be processed, which took another 6 weeks.
Of course, mine might have been slow due to the fact that I filed the amended return while regular taxes were still being filed.
It seems that there are several steps in processing an amended return.
When I called to check on ours in late May, they said it had been stamped received and would be 4-8 weeks longer. When I called back in late July, it had gone though another stage and was sent to another department to be processed, which took another 6 weeks.
Of course, mine might have been slow due to the fact that I filed the amended return while regular taxes were still being filed.
Posted on 10/9/12 at 9:50 am to lsusurfr98
quote:
We've gone to our local IRS office, they stamped the amended return, and we presented that to the lender only to be told they no longer accept the stamp - it must be "processed" through the regional office,
I have heard some dumb things requested by lenders, but that might be the worst. I would switch lenders and make them lose out on the fees just for being pathetic.
This post was edited on 10/9/12 at 9:51 am
Posted on 10/9/12 at 11:19 am to lsusurfr98
quote:What the hell does the lender want? The IRS doesn't send out letters blessing returns as being acceptable. You filed the damn thing under penalty of perjury. All they should require is that you provide proof that you paid any balance due so you don't have any debts that might be detrimental to your creditworthiness.
We've gone to our local IRS office, they stamped the amended return, and we presented that to the lender only to be told they no longer accept the stamp - it must be "processed" through the regional office, ours being Austin, TX.
Posted on 10/9/12 at 12:42 pm to lsusurfr98
quote:
I would switch lenders
I can understand the lender wanting to verify your tax return with the IRS. But you would think they could waive that requirement for minor discepancies. With all the new HUD requirements maybe they can't. It's worth a few phone calls to other lenders to see if they have the same requirement.
The lender can also get an "official" wage and income report directly from the IRS. This report is a transcipt of every W-2 and 1099 you received for the year. The wage and income report should agree with your amended return. Any tax preparer registered for E-Services can get a copy of this same report for you online in about 30 minutes.
Posted on 10/9/12 at 1:18 pm to tigeryat
What about signing a 4506T so they can go online and pull the tax return transcripts directly from the IRS?
Also, what kind of error is it? Not quite sure why a bank would give you tax advice as it opens them up to lender liablity. I would never tell my customer to file an amended return (I work on the commercial side though). I would always direct them to their CPA. Seems kind of odd for them to be telling you to do this?
Also, what kind of error is it? Not quite sure why a bank would give you tax advice as it opens them up to lender liablity. I would never tell my customer to file an amended return (I work on the commercial side though). I would always direct them to their CPA. Seems kind of odd for them to be telling you to do this?
Posted on 10/10/12 at 10:53 am to Im4datigers
The tax transcripts are not going to be processed online until the amended return has been processed. Individual amended returns have to be paper filed, which takes a lot longer to get in the system since someone has to actually type it in.
You can go to e-services on the IRS website and check the processing of your return. Or you can fill out a power of attorney online and allow your CPA access to your account and he/she can check for you periodically.
You can go to e-services on the IRS website and check the processing of your return. Or you can fill out a power of attorney online and allow your CPA access to your account and he/she can check for you periodically.
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