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While doing my 2016 tax returns. I noticed 2 minor ($ wise anyway, details below) errors on my 2015 tax returns e-filed almost a year ago. I just finished generating the amended returns on 2015 TT that corrected these 2 errors. I haven’t printed them out or mailed them yet.
Error 1. I “missed” the 1099INT so I failed to report ~$70 interest from my local small credit union savings/checking account.
Error 2. Messed up somehow on my “Foreign Taxes Paid” (~$50) so it ended up in Sched A instead of an actual tax credit which did me no good.
My 2015 Fed and State e-files (via TT Premium) were processed quickly last year and the small amounts I owed to each (~$150 Fed and $~$50 State) were deducted from my checking account on the dates I specified. I received no mail, email, or phone queries from the IRS (I was sort of surprised on this since a 1099 was involved).
As for FED and State amended returns – Feds owe me $13 and I owe my State $4. (if it wasn’t for the “missed 1099”, I wouldn’t even be bothering myself or the Fed/State workers with the time, printing, mailing hassle, data entry, processing for the small amount of $$’s involved). In 40+ years of tax filings this is my first time of ever having to deal with an amended return.
Questions:
1. My 2016 returns are ready for electronic filing and I have small refunds due both Federal and State. Should I E-file my returns now or wait until the 1040X is mailed in, processed, and posted (6 weeks or so)?
2. Should I add any notes, comments, explanations or highlight the changes manually on the 1040X printout to “help out” whoever’s desk this lands on and has to do the data entry, push buttons, approve things…whatever? Or just print and mail.
3. Does filing an amended return raise future/past audit risk or put one on some "watch list".? (I know I'm being a bit paranoid here, I've never been audited)
4. Any other advice, comments (except review your 2016 return more thoroughly before pushing the TT e-file button)?
Thank You
Error 1. I “missed” the 1099INT so I failed to report ~$70 interest from my local small credit union savings/checking account.
Error 2. Messed up somehow on my “Foreign Taxes Paid” (~$50) so it ended up in Sched A instead of an actual tax credit which did me no good.
My 2015 Fed and State e-files (via TT Premium) were processed quickly last year and the small amounts I owed to each (~$150 Fed and $~$50 State) were deducted from my checking account on the dates I specified. I received no mail, email, or phone queries from the IRS (I was sort of surprised on this since a 1099 was involved).
As for FED and State amended returns – Feds owe me $13 and I owe my State $4. (if it wasn’t for the “missed 1099”, I wouldn’t even be bothering myself or the Fed/State workers with the time, printing, mailing hassle, data entry, processing for the small amount of $$’s involved). In 40+ years of tax filings this is my first time of ever having to deal with an amended return.
Questions:
1. My 2016 returns are ready for electronic filing and I have small refunds due both Federal and State. Should I E-file my returns now or wait until the 1040X is mailed in, processed, and posted (6 weeks or so)?
2. Should I add any notes, comments, explanations or highlight the changes manually on the 1040X printout to “help out” whoever’s desk this lands on and has to do the data entry, push buttons, approve things…whatever? Or just print and mail.
3. Does filing an amended return raise future/past audit risk or put one on some "watch list".? (I know I'm being a bit paranoid here, I've never been audited)
4. Any other advice, comments (except review your 2016 return more thoroughly before pushing the TT e-file button)?
Thank You
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