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I made an error on our taxes for 2011--double-counted a portion of our 401k contribution. Error was found by state, and we're working through that now.

What is the best way to handle the change for the federal return? Do I just file an amended return? Should I call them first? Is a letter of explanation recommended?

Thanks.

Kathleen
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What is the best way to handle the change for the federal return?

File an amended return. The explanation goes on page 2. And continues onto as many attached pages as you need if you're verbose.

You don't generally need to be verbose when paying additional taxes. They'll take your word for it along with your check. Something along the lines of your post here would be adequate - adding the dollar amount involved, of course.

--Peter
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What is the best way to handle the change for the federal return?

Just one addition to Peter's response. Include a check for the additional tax. They'll bill you for the interest.

Phil
Rule Your Retirement Home Fool
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Thanks for the replies. Can't get over that I was so careless and want to make sure I don't make anything worse.

Kathleen
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