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Question about use of 1040X
Old 09-21-2018, 09:30 AM   #1
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Question about use of 1040X

I forgot to download a 1099 when I did my taxes for 2017. (I submitted my 2017 1040 in August.) A few days ago I was checking my accounts and I realized that I forgot to download one from the bank website. I haven't had any notice from IRS regarding my oversight.

It's less than $1000, but I want to do a 1040X and correct the oversight. My question is what am I supposed to include when I submit the 1040X? Do I fill out the pages 1 and 2 of the 1040X, and include the corrected schedule B, and a copy of the formerly missing 1099 interest?

Any suggestions will be much appreciated!

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Old 09-21-2018, 09:36 AM   #2
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I would wait to see if I get anything from the IRS. Two years ago, I filed a 1040x, they owe me money, the IRS lost it, I called the help line, they said to send in again. I did. Nothing from the IRS. I called and they lost it again. So in the end, I said to my husband I wouldn’t let this bother me anymore. The time for 1040x in 2014 has expired already. I let it passed on purpose.
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Old 09-21-2018, 09:37 AM   #3
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What I did way back when I did taxes for a living is...


Fill out the 1040X..


Have a page explaining the change, such as adding 1099 for XXX..



Have an original copy of the pages that will change... at the top of each put "ORIGINAL" on them.. edit to add... this is the first two pages for sure...


Have a copy of the changed pages... at the top put "AMENDED" on them...


For you, add a check...


BTW, you will have to pay interest on this... so you can calculate or wait for the bill...




As to being informed about the missed 1099, if you just sent it in last month there is no way they would have had time to process...
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Old 09-21-2018, 10:20 AM   #4
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If you're using a tax program, that should guide you which forms to include.

When I've filed amended, I've always included 1040X, 1040, any other forms that have changed, and an explanation statement.
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Old 09-21-2018, 10:45 AM   #5
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Quote:
Originally Posted by Texas Proud View Post
What I did way back when I did taxes for a living is...


Fill out the 1040X..


Have a page explaining the change, such as adding 1099 for XXX..



Have an original copy of the pages that will change... at the top of each put "ORIGINAL" on them.. edit to add... this is the first two pages for sure...


Have a copy of the changed pages... at the top put "AMENDED" on them...


For you, add a check...


BTW, you will have to pay interest on this... so you can calculate or wait for the bill...




As to being informed about the missed 1099, if you just sent it in last month there is no way they would have had time to process...


+1

Exactly what I would have done in my former corporate tax life.

I would wait for the IRS to assess interest. My experience has been that if I try to self calculate it, it never agrees to the IRS calc and you end up with a bill for $3.27 or some ridiculous amount.
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Old 09-21-2018, 11:35 AM   #6
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From the instructions below from 1040X instructions and the 1040X form itself
sounds to me :
1) enclose but don't attach check (if not paying electronically)
2) IRS wants only certain types of original tax forms...so don't send 1099INT
3)Attach amended Sch B.

Don't think you need original Sch B or 1099-INT since IRS has those.
Your explanation is on p. 2 of 1040X.

************************************************** ********
from the 1040X instructions: Assembling Your Return
..........................................
Attach to the front of Form 1040X:
A copy of any Form W-2, Form W-2c, or Form 2439, Notice to
Shareholder of Undistributed Long-Term Capital Gains, that
support changes made on this return;
A copy of any Form W-2G, ................., but only if tax
was withheld; and
................................................

If you owe tax and you donít want to pay electronically,
enclose (donít attach) your check or money order in the
envelope with your amended return. See the instructions for
line 20, earlier
************************************************** *********
From the 1040X form:

Part III Explanation of changes. In the space provided below, tell us why you are filing Form 1040X.
Attach any supporting documents and new or changed forms and schedules.
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Old 09-22-2018, 09:08 AM   #7
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Hope you don't mind if I piggy back on this, but I just received a corrected consolidated 1099 and wondering if I have to send in a copy. Its 22 pages long and seems a little excessive to send it all in when its just 1 stock they marked wrong and I would think this is one of those forms they get sent directly.
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Old 09-22-2018, 12:20 PM   #8
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Hope you don't mind if I piggy back on this, but I just received a corrected consolidated 1099 and wondering if I have to send in a copy. Its 22 pages long and seems a little excessive to send it all in when its just 1 stock they marked wrong and I would think this is one of those forms they get sent directly.

You do not send in any 1099, so why would you wan to send this in?


The question would be do you owe more tax due to the change or not? If not, then you do nothing... if so, then you have to decide if you want to do it now or wait to get a letter from the IRS which might not ever come...
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Old 09-22-2018, 12:41 PM   #9
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On two occasions I have had to write up a 1040X form, both times for close friends. The first time was for my ladyfriend when she copied an incorrect number onto her 1040 for a subtotal before writing the correct one as a total. The IRS ran with the incorrect number and cut her refund back by $600. It took several months and the intervention of my local congresswoman's office (both the IRS and the congresswoman's office lost copies of her 1040X form!) before she finally got her refund. After that, I always did her taxes.


The second time was for another friend (the "snake-bit" one I have described in other threads). I was doing his taxes and somehow forgot to write the amount of Qualified Dividends even though I used the amount in the QDCGT worksheet in the instruction booklet. The IRS assumed zero for QD and sent him a bill for taxes due. I immediately filed a 1040X form, making sure to use the IRS-adjusted numbers as a starting point (this is specifically mentioned on 1040X) and carefully writing up this omission as the reason for the amendment to the IRS's figures. Basically, all I was doing was restoring his tax forms to what we had originally filed, which was to rollover a small refund into the following year (so he wasn't expecting any refund check). It took a few months for the 1040X to be processed, but after I saw on line that the 1040X had been approved, he got a confirmation letter saying the same. We did not include any 1099s which included the QD amounts in question because we wouldn't have filed them with the original 1040 form (and the IRS would have that data already).
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Old 09-22-2018, 12:45 PM   #10
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Quote:
Originally Posted by Texas Proud View Post
You do not send in any 1099, so why would you wan to send this in?


The question would be do you owe more tax due to the change or not? If not, then you do nothing... if so, then you have to decide if you want to do it now or wait to get a letter from the IRS which might not ever come...
I don't owe money, I'm actually owed several hundred dollars.. I assumed if I didn't file I wouldn't get my money back.. so are you saying I do nothing and they will send me money? I'd love to think they would do that but don't really think the govt is that generous.
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Old 09-22-2018, 12:47 PM   #11
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They may not send you money even if you file them. I’m glad I filed because I got more refund in tax from the state of California, but the federal should be zero but they claimed all sorts of interest, etc.. but in the end, the tax refund from State is much bigger than the federal money they took from me.
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Old 09-22-2018, 01:30 PM   #12
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In my experience as a tax guy, I did same as Texas Proud and Oceanview.

Having said that, I would probably await the IRS notice given small amount. You could have another correction by then.
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Old 09-22-2018, 06:53 PM   #13
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Quote:
Originally Posted by karen1972 View Post
I don't owe money, I'm actually owed several hundred dollars.. I assumed if I didn't file I wouldn't get my money back.. so are you saying I do nothing and they will send me money? I'd love to think they would do that but don't really think the govt is that generous.

No, they will not send you money unless you file some form asking for it...


But if you owe money, they might not ask for it...



If I were owed several hundred dollars I would file and make sure I got it...
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