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Good Morning Tom,
Recap: I called you the other day on behalf of my friend “another provider”. She had her 2011 taxes done by a professional “all was done incorrectly”. She has decided to amend them, we have a few questions on this process.
Ok, so we are using the 2011 TurboTax desk top version; what we did was check the box to amend a 2011 tax return. TT has us enter all the correct information for 2011, TT transfers all the information to form 1040x column C and allows us to manually input the incorrect information that was original filed in column A.
Note: I’m using your 2011 Tax Work Book as a guide…
My questions:
1. What forms does she mail to the irs?
Form 1040x only? The entire re-done 2011 tax return? Only the forms affected by the amendment?
2. Dose the amended tax form 1040x takes into account the changes made to the business information also?
3. The biggest error on the original 2011 return was the deduction taken on her vehicle; this gave her a $12,000 lost for 2011. When it should be $2,121.00
Does she need to file any additional form due to the vehicle error?
4. Can she mail in her 2012 return with the amend 2011? Or should she wait until the 2011 return is corrected by the irs?
Note: the 2012 return will be completed base off the corrected 2011 return.
5. At this point form 1040x shows she ‘s due a refund of $4,018.00...although she did receive a refund in 2011 of $6,852
2011 Incorrect Forms:
1040 Line 12, 22, 37, 38, 41, 43, 54, 64a,65,72-74a
Sch-C Profit/Loss Line 1b, 1d-7, 9(no car expenses claimed originally)
13, 24b, 27a, 28-31
8829 Line (all numbers we’re incorrect, T/S, Hours home used was enter wrong) House expenses, home was not deprecated
4562 Vehicle was claimed incorrectly (date of purchase, date placed in service, purchase price, miles, business usage percentage, and the entire allowed first year deprecation for a new vehicle purchase was claimed $11060 as well as the limitation for a vehicle first used for business in 2011 $3060.
Thank so much for your help…and the very detailed books you provide.
Hope I explained everything correctly.
Recap: I called you the other day on behalf of my friend “another provider”. She had her 2011 taxes done by a professional “all was done incorrectly”. She has decided to amend them, we have a few questions on this process.
Ok, so we are using the 2011 TurboTax desk top version; what we did was check the box to amend a 2011 tax return. TT has us enter all the correct information for 2011, TT transfers all the information to form 1040x column C and allows us to manually input the incorrect information that was original filed in column A.
Note: I’m using your 2011 Tax Work Book as a guide…
My questions:
1. What forms does she mail to the irs?
Form 1040x only? The entire re-done 2011 tax return? Only the forms affected by the amendment?
2. Dose the amended tax form 1040x takes into account the changes made to the business information also?
3. The biggest error on the original 2011 return was the deduction taken on her vehicle; this gave her a $12,000 lost for 2011. When it should be $2,121.00
Does she need to file any additional form due to the vehicle error?
4. Can she mail in her 2012 return with the amend 2011? Or should she wait until the 2011 return is corrected by the irs?
Note: the 2012 return will be completed base off the corrected 2011 return.
5. At this point form 1040x shows she ‘s due a refund of $4,018.00...although she did receive a refund in 2011 of $6,852
2011 Incorrect Forms:
1040 Line 12, 22, 37, 38, 41, 43, 54, 64a,65,72-74a
Sch-C Profit/Loss Line 1b, 1d-7, 9(no car expenses claimed originally)
13, 24b, 27a, 28-31
8829 Line (all numbers we’re incorrect, T/S, Hours home used was enter wrong) House expenses, home was not deprecated
4562 Vehicle was claimed incorrectly (date of purchase, date placed in service, purchase price, miles, business usage percentage, and the entire allowed first year deprecation for a new vehicle purchase was claimed $11060 as well as the limitation for a vehicle first used for business in 2011 $3060.
Thank so much for your help…and the very detailed books you provide.
Hope I explained everything correctly.
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