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Do not rush to file the 1040X Posted by Herb Hirsch [Email] (#114) [Profile/Gallery] (more from Herb Hirsch) on Mon, 16 Feb 2009 07:52:53 In Reply to: OT: 1040X and TurboTax (long), MI-Roger [Profile/Gallery] , Mon, 16 Feb 2009 03:48:26 Members do not see ads below this line. - Help Keep This Site Online - Signup |
Before you file the 1040X wait until one of the following events occur.
1. You have received your refund based upon your original 1040 filing. Now you can file (by mail) your 1040X; be sure to include a check to cover the additional taxes you'll now owe.
2. The IRS notifies you that it is not accepting your return as filed due to errors (missing 1099-DIV). Correct your 0riginal 1040 and resubmit; you may have to use the mail for this. In this case it is not necessary to submit a 1040X.
3. 4-6 weeks have elapsed since you electronically filed your original 1040 and the IRS has debited your checking or savings account for taxes due based upon your original 1040.
In conclusion, you want to be sure that the IRS has completed all processing related to your original 1040 submission; otherwise you may exacerbate the very problem you're attempting to mitigate.
Herb Hirsch
South Brunswick, NJ
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