Amended return once, can I do it again?

Discussion in 'Tax' started by Vigo, Feb 29, 2004.

  1. Vigo

    Vigo Guest

    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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    Vigo, Feb 29, 2004
    #1
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  2. Vigo

    Wayne Brasch Guest

    "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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    Wayne Brasch, Mar 1, 2004
    #2
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  3. Vigo

    Phil Marti Guest

    "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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    Phil Marti, Mar 1, 2004
    #3
  4. Vigo

    Missy Doyle Guest

    "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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    Missy Doyle, Mar 2, 2004
    #4
  5. Vigo

    Herb Smith Guest

    "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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    Herb Smith, Mar 2, 2004
    #5
  6. Vigo

    Bill Guest

    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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    Bill, Mar 2, 2004
    #6
  7. Vigo

    Vigo Guest

    "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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    Vigo, Mar 2, 2004
    #7
  8. Vigo

    Gary Goodman Guest

    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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    Gary Goodman, Mar 3, 2004
    #8
  9. [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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    Vernon V Chatman III, Mar 4, 2004
    #9
  10. Vigo

    MTW Guest

    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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    MTW, Mar 4, 2004
    #10
  11. Vigo

    Vigo Guest

    "Gary Goodman" <> wrote:
    > 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.


    I thought I HAD to amend if it resulted in my owing more
    tax. I figured the IRS would check the 1099s and find that
    the totals didn't agree and then I'd get one of their
    nastygrams. Again, the only reason I filed early was because
    we needed to get the FAFSA and PROFILE filled out for
    college aid.

    Sue

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    Vigo, Mar 5, 2004
    #11
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