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Financial Planning / Tax Strategies
|Subject: Filing an Amended Return||Date: 2/14/2008 9:32 AM|
|Author: TheXRayStyle||Number: 98666 of 125861|
This may be an overly simplistic question for the level of expertise on this board, but I'm hoping to get some reassurance that I'm thinking about this correctly. My wife and I thought we were all on top of things and filed our taxes early this year, thinking that we had all the forms we needed. Literally the afternoon after we e-filed, we received an unexpected 1099-MISC which was not included in our reported income. Thus, we accidently overstated the refund we were due. Our return has since been accepted by DC, MN, and the IRS. I know that I need to file amended returns to all three, and that we will need to pay the difference to the IRS and states.
My question is this: assuming we file our amended return by the April 15th deadline and pay the difference we owe, do we face any penalties, interest, or any other punishment? I'm thinking of waiting until mid-March to do this in case we get any other corrected forms in the meanwhile, but is it frowned upon to be holding on to that extra cash we got back that we didn't deserve until I do so? Should I be contacting the IRS and DC/MN Departments of Revenue immediately to let them know what's up? I certainly don't want to do anything illegal or to irk the IRS.
Naturally, I made this mistake the year that I got married, moved between states, and became a full-time student again :-).
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