Idiot tax mistake

[Anonymous]

I got my W2 last week and filed this weekend. I thought I had it all in-- 1098 student loan interest, bank account interest, it all looked good. I submitted with turbo tax and both returns were accepted.

I got home from work today and just got a 1099 MISC for grant income last year. I thought I got it in 2012 and 2013, but it must have been '13 and '14 (a one time grant related to a fellowship).

My understanding is that now I need to file an amendment, but that form hasn't been published yet for this year. I feel so stupid for submitting early without all of my info together so no need to criticize me on that, I have been beating myself up for a few hours.

If you have any advice id appreciate it.

I had a $1500 federal return, which I know I will now owe some back. The 1099 is for $2500. Do you know if, when I do the amendment, it will tell me how much I need to pay? I looked at amendment forms from years past and found them a bit confusing.

Also, it said my state taxes may now change. I owe my state (not DC MD VA) 100 and had turbotax set that up to be taken out mid March automatically. How will this affect that, if it changes?

So confused and feeling down,
Tax Rookie

[Anonymous]

You can do an amendment on Turbo Tax if the forms are available for download. That will do the calculations for you.

Lesson learned -- tax forms from investment companies don't even have to be made available until Feb. 17 ... so wait it out! Live and learn. You aren't the first. Also, the IRS may catch the mistake b/c it is on an official 1099 that is likely reported to the IRS. So their systems may adjust it b/c they have access to that info.

[Anonymous]

Thank you. So what does it mean if the IRS catches it -- my federal form was accepted already.

Turbotax says amendments can't be e filed , so I was under the impression I was on my own...

[Anonymous]

Also, if anyone wants to take a gander as to how this would change my taxes that would be cool...

Taxable income 57 k
Owe state 100
Federal refund 1500

1099 2550

[Anonymous]

FYI, the "return" is the document you file. You got a $1,500 refund.

If the 1099 income was $2,500, multiply that by your top marginal tax rate and that's what you'll owe.

[Anonymous]

Anonymous wrote:Thank you. So what does it mean if the IRS catches it -- my federal form was accepted already.

Turbotax says amendments can't be e filed , so I was under the impression I was on my own...

You can amend your return using Turbotax, but it cannot be e-filed. So you will have to print it out and mail it. But they'll fill it in for you, do the calculations, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Thank you. So what does it mean if the IRS catches it -- my federal form was accepted already.

Turbotax says amendments can't be e filed , so I was under the impression I was on my own...

You can amend your return using Turbotax, but it cannot be e-filed. So you will have to print it out and mail it. But they'll fill it in for you, do the calculations, etc.

This. Use turbotax and file amended returns by post, enclosing a check as necessary. Turbotax will walk you through it. Ig is no biggie. Personally i would wait another couple of weeks just tomake sure you have no other relevant mail coming to you.

[Anonymous]

Thanks for the help. I guess this is not the biggest deal. Just feeling dumb.

[Anonymous]

Anonymous wrote:Thanks for the help. I guess this is not the biggest deal. Just feeling dumb.

Do not feel dumb. I made a doozy of a mistake last year! It happens. Give yourself a break...

[Anonymous]

You don't need to amend I.e file form 1040x. You can file another form 1040 which will supersede the first return you filed. This is because the second return is filed before the due date of the tax return I.e. April 15th.

[Anonymous]

Anonymous wrote:You don't need to amend I.e file form 1040x. You can file another form 1040 which will supersede the first return you filed. This is because the second return is filed before the due date of the tax return I.e. April 15th.

OP here. I filed on turbotax, and it was accepted, so I'm going to be getting my refund in the next few weeks . Does this still apply?

[Anonymous]

Given your income, you will probably owe another $150. So your refund will be a little smaller.

[Anonymous]

Anonymous wrote:Thanks for the help. I guess this is not the biggest deal. Just feeling dumb.

You were dumb for not taking your time. But just file an amended return. No big deal.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You don't need to amend I.e file form 1040x. You can file another form 1040 which will supersede the first return you filed. This is because the second return is filed before the due date of the tax return I.e. April 15th.

OP here. I filed on turbotax, and it was accepted, so I'm going to be getting my refund in the next few weeks . Does this still apply?

it does. you will pay the additional tax you owe with thesecond return you file. there will not be a penalty for underpayment becasue the tax is paid before the due date of the return. Turbotax may not allow you to efile a second returns, so just print the form and mail it along with your check. If you wait until after april 15, then you need to file form 1040X, which is the amended return form.

[Anonymous]

Just got my refund now, time to figure this all out... :/

OP