Timing Amendment

Today TaxMama hears from James in the TaxQuips Forum, with an Oopsie! “I received a 1099-R reporting a disbursement from a retirement account I forgot I had taken – the day after I filed my return. I have yet to receive my refund. Since I claimed injured spouse status, I probably won’t receive it until after April 15th . Do I need to file the amendment now with a check for the difference between my refund and the correct refund in order to avoid paying penalties for late payment?
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Dear James,

Yup, retirement, unemployment, those are the most common things people forget when they file their tax returns.

Don’t do a thing right now about amending. IRS needs to process your first tax filing before you can make a new filing.
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But, you want to pay the difference before April 18th, right?
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Use an estimated tax voucher – a Form 1040-ES for 2010, Voucher #4 – with ONLY your Social Security Number on it. Send it in on April 15th – but not before – unless your refund has been processed.

Then, when your first tax return has been processed and you have received your refund -file the amended return. Simple. This takes care of all your problems.

And remember, you can find answers to all kinds of questions about omitting income and other tax issues, free.
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Where? Where else? At  www.TaxMama.com.

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