Amending a tax return

I dunno man did you check the IRS’s website???

https://www.irs.gov/forms-pubs/about-form-1040x

 

I can’t tell you exactly how easy it is but IIRC it was pretty easy. Just downloaded the amend form, filled it out and sent it in with the 1099. Just not sure if you need to wait until they process your taxe return before you can amend it. I would assume so.

 

If the "amount you owe" or "amount to be refunded" won't change, then you have lots of time to file the amended return. You don't want the amendment to get processed first, so you should wait until the original return is processed. A good way to determine that is to wait for the refund.

 

In 2014 I failed to claim a 1099-R.

I received a nice letter from the IRS noting the discrepancy and an invitation to send them $21k plus a substantial penalty.

I can’t believe I made that mistake, but I completed the simple form they enclosed along with a copy of my 1099-R.

They were correct I failed to report the 1099 but were incorrect on owing them anything. A few weeks later a letter came saying my case was closed with no further action.

All turned out well, but they got my attention.

 

I forgot to add capital gains once, 2 years later got an IRS letter requesting $14,000. I recalculated using TurboTax, including the cost basis, came out I owed $3900. I paid it with proof of cost basis and they were happy.

 

I know the law is that everything should be mailed to you by the end of January. I wait until a few days into feb before dropping my stuff off at the accountant. Just finished.