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16 Amended Returns. Reference Sources. PUB 4012 Reference Guide Pg 14-2 Information not available Pub 4491 Amended Returns Pages 35-1 to 35-7 1040-X Instructions IT-201-X Instructions. WHY AMENDED RETURNS. Late or revised source form Data entry mistakes (QR?)

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Presentation Transcript

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Reference Sources

  • PUB 4012 Reference Guide Pg 14-2

    • Information not available

  • Pub 4491 Amended Returns

    • Pages 35-1 to 35-7

  • 1040-X Instructions

  • IT-201-X Instructions

Tax Year 2009


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WHY AMENDED RETURNS

  • Late or revised source form

  • Data entry mistakes (QR?)

  • Change in status/Dependency

  • Change in Credit Eligibility (Intake Interview?)

Tax Year 2009


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Restrictions on Amended Returns

Can not be e-filed

Cannot change from MFJ to MFS

Cannot get refund for 2005 and prior years (generally)

Tax Year 2009


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IRS Form 1040-XStatus as of 12/28/2009

  • Draft form Rev 12-2009 Form 1040-X released 08/28/2009

    • Simplified to show only correct amounts

  • IRS web site has Rev 2-2009 Form 1040-X and Instructions

    • Same Format as prior years

  • TaxWise 1040-X (2009)

    • Follows the Draft form format

Tax Year 2009


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Amended Returns

  • IRS Current Year form or prior year forms can be used for Tax Years 2006, 2007, 2008 & 2009 Amended Returns

  • NY State requires that you use their Amended Tax form for the tax year being amended.

Tax Year 2009


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TaxWise Amended Returns

  • Start with a copy of the return that was transmitted and accepted

  • Current year return or

    • Prior year return (if data retained)

  • Add 1040-X form and NY 201-X form also (unless not needed

Tax Year 2009


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AMENDED RETURNS

  • Lock In” original data before any changes made to tax return.

  • “Check to override all original entries in Column A and original refund and balance due (line 17 and line 19) before making any changes to any forms.”

  • Similar box must be checked to amend a state return, also if it changed

Tax Year 2009




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TaxWise 2009

Tax Year 2009


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Enter or Correct Data in the 1040 Return

  • Enter new form, new entry or corrected entry

    • If a corrected 1099-DIV was received, simply change the entries to match the new form

    • If a new 1099-INT was received, enter the information on the next available line

    • If a new W-2 or 1099-R was received, bring up new form

Tax Year 2009


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Enter or Correct Data

  • Enter new form, new entry or corrected entry

    • If a corrected 1099-DIV was received, simply change the entries to match the new form

    • If a new 1099-INT was received, enter the information on the next available line

    • If a new W-2 or 1099-R was received, bring up new form

Tax Year 2009


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FINISHING THE AMENDED RETURNS

  • Check the 1040X after the new information has been added.

  • New highlighted area to fill in.

    • Explanation of the change. Examples:

      • Received another 1099 after taxes were filed.

      • Did not know Parent could be a dependent

Tax Year 2009


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1040X, PG 2 TY 2008

Tax Year 2009



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Amending IRS Tax Returnswithout TaxWise

  • Except for simple changes, you will need to complete the whole return and schedules affected by the change before creating the amended return

  • Simple change

    • Change does not alter the AGI and # of dependents

    • Change only affects lines which follow the AGI

Tax Year 2009


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FINISHING THE AMENDED 1040 X RETURN

  • Can not be e-filed, mail amended return

  • Attach a copy of any new or changed forms & schedules to 1040X

  • Enter the date the return will be submitted

Tax Year 2009


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If I amend federal, must I amend NY

If you file an amended federal return to make changes to your federal income, tax preference items, total taxable amount, capital gain or ordinary income portion of a lump-sum distribution, the amount of your earned income credit or credit for child and dependent care expenses, or the amount of your foreign tax credit affecting the computation of the resident credit for taxes paid to a province of Canada.

Tax Year 2009


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If a Federal processing center changes your Return

  • You must file an amended NY State return if any of the tax items in the preceding slide were involved.

  • In each case, you must file the amended New York State return within 90 days of the date you or IRS amended your federal return.

Tax Year 2009


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NY 201-X Amending concept

  • Federal and prior NY year 2006

    • Show changes on a line-by-line basis

    • Document only the changes

    • Attached changed schedules

    • Calculate bottom line net owed/refund

  • NY 2007, 2008 & 2009

    • Resubmit complete return with all schedules

    • Calculate bottomline - net owed/refund

Tax Year 2009


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TaxWise NY 201-X pg 1Tax Years 2007, 2008 & 2009

Tax Year 2009


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Complete TY 2007, 2008 & 2009 like a new return

  • Attach all required forms – changed or not

    • IT-201ATT, 214, 215, 216, etc.

    • IT-2 and/or IT-1099-R

    • Copies of required federal forms (C-EZ, D)

  • Mark any changed attachments “Amended”

  • Enter reasons for amending return

  • Mail to State ProcessingCenter

Tax Year 2009


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NY 201-X Page 5

  • IRS Audit changed federal return

    • You must include reason for change

  • You needed to amend federal return because of changes in $ amounts or credits claimed

    • Your amended return shows the data changed & schedules changed

Tax Year 2009


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Page 5 NY 201-X Paper

Tax Year 2009


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Page 5 NY-201-X page 5

Tax Year 2009