That's a great question. I'm honestly not really sure. I've never had to submit an amended return other than electronically (i.e. through my tax prep software transmitting it directly to the IRS). I'm not sure if they transmit just the 1040X to the IRS, or if they also send the updated 1040. If nothing else, you'll want to keep the amended 1040 for your records. But I suppose it's possible that it doesn't actually get sent to the IRS
can you amend a 2021 return and add to your IRA to reduce your tax burden? I was contacted by the irs that I owe $$$ for my 2021 taxes. Im hoping I can reduce that amount by contributing to my IRA. Thanks
Did a large Roth conversion in 2021. My tax preparer did 1040 right, but made an error on state return. Filed an amended return with (electronically) the state the next day. My tax preparer said the amended state tax return will usually make sure it matches the fed return. Does this sound right?
I suppose it all depends on the state. Most state returns use the Federal AGI as the starting point. So in that case, yes, I would assume the state would look to see what your federal return looks like. But other states like NJ don't reference the federal AGI. Instead, they basically start from the ground up making you input all of your specific sources of income. In that case, I don't know how much a state like NJ would reference the federal return.
I don't believe so. But worst case, if the IRS's computer matching software flags it because it's expecting to see something on 5a of your 1040 (based on the copy of the 1099-R the IRS has), then you can amend it at the time. But since it won't result in any change in gross income or tax due, I don't think they'll bother even raising the issue. But I don't know that for certain.
If there a amount owed for previous tax bill ex. 2017 and the taxpayer now wants to amend this year and can submit adjustments as to why I should not owe , can the amount owed be reduced with the 1040x at this point? I understand the taxpayer is not eligible for receiving a refund but can they still amend 2916,2017, 2018 for adjustment to what may be owed?
Great video, thank you. And do I need to include the new revised 1040 along with the 1040X? Turbotax prints both forms.
That's a great question. I'm honestly not really sure. I've never had to submit an amended return other than electronically (i.e. through my tax prep software transmitting it directly to the IRS). I'm not sure if they transmit just the 1040X to the IRS, or if they also send the updated 1040. If nothing else, you'll want to keep the amended 1040 for your records. But I suppose it's possible that it doesn't actually get sent to the IRS
can you amend a 2021 return and add to your IRA to reduce your tax burden? I was contacted by the irs that I owe $$$ for my 2021 taxes. Im hoping I can reduce that amount by contributing to my IRA. Thanks
No, it's unfortunately too late to retroactively make a 2021 contribution to an IRA
@@RetirementPlanningEducation thanks for the info
Did a large Roth conversion in 2021. My tax preparer did 1040 right, but made an error on state return. Filed an amended return with (electronically) the state the next day. My tax preparer said the amended state tax return will usually make sure it matches the fed return. Does this sound right?
I suppose it all depends on the state. Most state returns use the Federal AGI as the starting point. So in that case, yes, I would assume the state would look to see what your federal return looks like. But other states like NJ don't reference the federal AGI. Instead, they basically start from the ground up making you input all of your specific sources of income. In that case, I don't know how much a state like NJ would reference the federal return.
I omitted a 1099-R for a direct rollover( dist code G). Box 2a = 0, changes line 5a, not 5b on 1040, does not change my AGI. Any reason to amend?
I don't believe so. But worst case, if the IRS's computer matching software flags it because it's expecting to see something on 5a of your 1040 (based on the copy of the 1099-R the IRS has), then you can amend it at the time. But since it won't result in any change in gross income or tax due, I don't think they'll bother even raising the issue. But I don't know that for certain.
If there a amount owed for previous tax bill ex. 2017 and the taxpayer now wants to amend this year and can submit adjustments as to why I should not owe , can the amount owed be reduced with the 1040x at this point? I understand the taxpayer is not eligible for receiving a refund but can they still amend 2916,2017, 2018 for adjustment to what may be owed?
I didn’t get my initial tax return before amending my tax return and now I been waiting for 4 months
nice joke bro but really how im being called out for tax evasion
don/t understand question is that a joke? tax evasion no pay tax?