Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: bacon Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121175  
Subject: Re: filing an amended return Date: 1/23/2013 8:33 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
My question is... how difficult is it to file an amended return? ...does this typically "wake the sleeping giant...."

Here's my experience--a single data point. I had occasion to file an amended return a couple of years ago. Mechanically, the hardest thing about it was figuring out how to get TaxAct to do this (no knock on TaxAct; I'd just never done one before).

I also knew when I filed the original that I'd have to file amended later: one of the companies in which I'd invested wasn't going to send its K-1s until early summer, and I didn't want to wait that long to file (or go through the drill of getting the extension). I didn't worry about this for two reasons: I was going to get a refund, and the K-1 was going to reflect chump change income for me (based on the company's interim postings on its Web site) that would only reduce my refund.

The K-1 came, I filed amended, sent a check for what I owed (that refund reduction), and in short order got a response from the IRS that everything was jake. They did note that I owed roughly two bucks in interest, and they waived that.

As an aside, I've seen lots of complaints (often anticipated complaints, nothing actually had happened) that the IRS are a bunch of a**h...s bent on ripping us off. That's not been my experience. My wife or I have sat through in-person and mail audits, and we've gotten multiple heart-stopper letters (of the "we think you owe, please pay" variety). In every case, the men and women were courteous and professional--which I cannot say, from direct experience, about other groups (IT customer "support," for instance). We've always been straight with them, and they've always been straight with us.

Eric Hines
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Nu Skin Showing its Age?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement