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Amended return once, can I do it again?

 
 
Vigo
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      02-29-2004, 09:37 PM
I filed my tax return as soon as I received all of my 1099s
- I wanted to get it filed early because I needed to fill
out the FAFSA as soon as possible for my college-bound son.
I filed electronically and received my refund.

A couple of weeks ago I received a corrected 1099. It
resulted in my owing an additional $7 to the IRS. I
completed a 1040X and sent in my check.

Today I got ANOTHER corrected 1099! This one would result in
a refund to me of $11. Am I required to file another 1040X
even though I would be owed money? How long must I wait
before sending in the amendment to the amendment? I'm
afraid they might be processed out of order and that would
really screw things up. Also, at the rate things are going,
I'll probably get even more corrected 1099s!

Thanks,
Sue

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Wayne Brasch
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      03-01-2004, 08:05 PM
"Vigo" <> wrote:

> I filed my tax return as soon as I received all of my 1099s
> - I wanted to get it filed early because I needed to fill
> out the FAFSA as soon as possible for my college-bound son.
> I filed electronically and received my refund.
>
> A couple of weeks ago I received a corrected 1099. It
> resulted in my owing an additional $7 to the IRS. I
> completed a 1040X and sent in my check.
>
> Today I got ANOTHER corrected 1099! This one would result in
> a refund to me of $11. Am I required to file another 1040X
> even though I would be owed money? How long must I wait
> before sending in the amendment to the amendment? I'm
> afraid they might be processed out of order and that would
> really screw things up. Also, at the rate things are going,
> I'll probably get even more corrected 1099s!


Just wait for a while (a month or two) and submit new
amended returns.

Wayne Brasch, CPA, M. S. Taxation

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Phil Marti
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      03-01-2004, 08:05 PM
"Vigo" <> writes:

> I filed my tax return as soon as I received all of my 1099s
> - I wanted to get it filed early because I needed to fill
> out the FAFSA as soon as possible for my college-bound son.
> I filed electronically and received my refund.
>
> A couple of weeks ago I received a corrected 1099. It
> resulted in my owing an additional $7 to the IRS. I
> completed a 1040X and sent in my check.
>
> Today I got ANOTHER corrected 1099! This one would result in
> a refund to me of $11. Am I required to file another 1040X
> even though I would be owed money?


I'd let it lie if I were you. I'd also improve my
recordkeeping and return preparation regimen. Do you have
the faintest idea which, if any, of the 1099's is right?
The only way to tell is from your own scrupulously
maintained records, which are what you should have used to
prepare your return in the first place.

Phil Marti
Topeka, KS

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Missy Doyle
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      03-02-2004, 04:51 AM
"Vigo" <> wrote:

> I filed my tax return as soon as I received all of my 1099s
> - I wanted to get it filed early because I needed to fill
> out the FAFSA as soon as possible for my college-bound son.
> I filed electronically and received my refund.
>
> A couple of weeks ago I received a corrected 1099. It
> resulted in my owing an additional $7 to the IRS. I
> completed a 1040X and sent in my check.
>
> Today I got ANOTHER corrected 1099! This one would result in
> a refund to me of $11. Am I required to file another 1040X
> even though I would be owed money? How long must I wait
> before sending in the amendment to the amendment? I'm
> afraid they might be processed out of order and that would
> really screw things up. Also, at the rate things are going,
> I'll probably get even more corrected 1099s!


You are not ever required to file for a refund. I would
wait about 6-8 weeks after you filed your first amendment.

Missy

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Herb Smith
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      03-02-2004, 04:51 AM
"Vigo" <> wrote:

> I filed my tax return as soon as I received all of my 1099s
> - I wanted to get it filed early because I needed to fill
> out the FAFSA as soon as possible for my college-bound son.
> I filed electronically and received my refund.
>
> A couple of weeks ago I received a corrected 1099. It
> resulted in my owing an additional $7 to the IRS. I
> completed a 1040X and sent in my check.
>
> Today I got ANOTHER corrected 1099! This one would result in
> a refund to me of $11. Am I required to file another 1040X
> even though I would be owed money? How long must I wait
> before sending in the amendment to the amendment? I'm
> afraid they might be processed out of order and that would
> really screw things up. Also, at the rate things are going,
> I'll probably get even more corrected 1099s!


You can file as many amended returns as necessary, until you
get it right. Since you expect more corrections, you might
want to wait until you have all the paperwork before
amemding again. If it ends up being a possible refund, you
have 3 years to amend and claim the refund.

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Bill
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      03-02-2004, 05:29 AM
posted:

> I filed my tax return as soon as I received all of
> my 1099s - I wanted to get it filed early
> because I needed to fill out the FAFSA as
> soon as possible for my college-bound son. I
> filed electronically and received my refund.
> A couple of weeks ago I received a corrected
> 1099. It resulted in my owing an additional $7
> to the IRS. I completed a 1040X and sent in
> my check.
> Today I got ANOTHER corrected 1099! This
> one would result in a refund to me of $11. Am
> I required to file another 1040X even though I
> would be owed money? How long must I wait
> before sending in the amendment to the
> amendment? I'm afraid they might be
> processed out of order and that would really
> screw things up. Also, at the rate things are
> going, I'll probably get even more corrected
> 1099s!


Yes, you can send in another amendment. As far as I know,
there's no limit on the number you can file (It would be
interesting to know if this has ever been considered. --
Does anyone out there know of a case?).

As to how long you should wait ...
You're correct to be concerned about allowing time for each
on to clear. You should wait until your $7 check for
additional tax due on the first Amendment shows up in your
bank statement. (That will have the added benefit of
allowing more time for any other changes to arrive.)

Since this last change results in *less tax due*, it's a
good time to hold off. Because you would not incur any
penalty for late payment. And $11 doesn't sound like an
amount you would be desperate to get quickly.

Bill

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Vigo
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      03-02-2004, 05:48 AM
"Phil Marti" <> wrote:
> "Vigo" <> writes:


>> I filed my tax return as soon as I received all of my 1099s
>> - I wanted to get it filed early because I needed to fill
>> out the FAFSA as soon as possible for my college-bound son.
>> I filed electronically and received my refund.
>>
>> A couple of weeks ago I received a corrected 1099. It
>> resulted in my owing an additional $7 to the IRS. I
>> completed a 1040X and sent in my check.
>>
>> Today I got ANOTHER corrected 1099! This one would result in
>> a refund to me of $11. Am I required to file another 1040X
>> even though I would be owed money?


> I'd let it lie if I were you. I'd also improve my
> recordkeeping and return preparation regimen. Do you have
> the faintest idea which, if any, of the 1099's is right?
> The only way to tell is from your own scrupulously
> maintained records, which are what you should have used to
> prepare your return in the first place.


My recordkeeping and tax preparation regimen are just fine,
thanks. The correction on one of the 1099s resulted from "a
unique set of circumstances that are not clearly defined in
the JGTRRA or subsequent Treasury or IRS guidance and are
thus subject to interpretation as to intent....the specific
issue is centered on the handling of Qualified Dividend
Income as it relates to Foreign Tax Credit", according to
Tweedy Browne. Hardly something I could have anticipated
with better recordkeeping.

The other correction came from Smith Barney -- they
increased box 1b, Qualified Dividends -- again not a mistake
caused by my tax preparation regimen. I do appreciate the
help I get in this forum but I sort of resent the
implication that my records are less than "scrupulously
maintained" and that I should rely on them rather than the
1099-DIVs that I receive.

Thank you.

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Gary Goodman
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      03-03-2004, 01:53 AM
says...

> I filed my tax return as soon as I received all of my 1099s
> - I wanted to get it filed early because I needed to fill
> out the FAFSA as soon as possible for my college-bound son.
> I filed electronically and received my refund.
>
> A couple of weeks ago I received a corrected 1099. It
> resulted in my owing an additional $7 to the IRS. I
> completed a 1040X and sent in my check.
>
> Today I got ANOTHER corrected 1099! This one would result in
> a refund to me of $11. Am I required to file another 1040X
> even though I would be owed money? How long must I wait
> before sending in the amendment to the amendment? I'm
> afraid they might be processed out of order and that would
> really screw things up. Also, at the rate things are going,
> I'll probably get even more corrected 1099s!


Are you a glutton for punishment? If so, amend each time you
get a 1099. If your taxes change by $7, it's not worth the
paper, much less the time to amend the return.

Every 1099 I've seen from brokerages this year warns you
that there may be a correction sent by the end of February.
Wait for the mail to get through the system before you
re-visit this issue.

Gary

--
You can probably X figure out X which letters to X delete to
derive my email address X.

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Vernon V Chatman III
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      03-04-2004, 01:35 AM
[snip]
I sort of resent the implication that my records are less
than "scrupulously maintained" and that I should rely on
them rather than the 1099-DIVs that I receive.

Response:
This year a lot of corrected 1099s should be expected
because of broker difficulty in complying with the new tax
laws. Seems they have a record keeping problem.

Hold off on 1040xs till after 4/15 (unless indications are
you owe bunches of tax).

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MTW
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      03-04-2004, 02:14 AM
Gary Goodman <> wrote:

> Every 1099 I've seen from brokerages this year warns you
> that there may be a correction sent by the end of February.
> Wait for the mail to get through the system before you
> re-visit this issue.


And I wouldn't be surprised to see corrections running
through mid March. I am now "holding" several client returns
due to this problem.

MTW

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