Laura Saunders
speaker
5,937 appearances
109 recordings
1 series
first heard Jul 2017
last heard Nov 2024
Laura Saunders’s voice in public audio — every appearance, attributed to the second.
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Appearances
Or the bank issues a corrected 1099 form that comes after the return was filed.
Things like that.
The thing is that if you correct it, that can alert the IRS and tell them to start looking for other things, and it also will cost you money.
Well, you forgot to include a 1099 form from your bank or something like that with some interest on it.
Or the bank issues a corrected 1099 form that comes after the return was filed.
Things like that.
Not necessarily.
It may be picked up by computer matching in about a year or so, and they'll send you a note about it.
The thing is that if you correct it, you have to file a 1040X.
That's an amended return.
And that can alert the IRS and tell them to start looking for other things, and it also will cost you money.
So if it's not a big error, maybe you just want to wait until they come to you.
Not always, but every now and then it could.
The thing also is that it will cost you money to file an amended return.
You'll have to pay a preparer.
You'll have to go back to your commercial software firm or something like that.
Something like that, yes.
Normally, the IRS has three years to find and query you about errors.
Now, these could be from computer matching programs that just say, oh, well, it says this on here, but the bank or the investment company told us that.
Could you please reconcile it?
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