 Tax question? |
Hey everybody,
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Additional Details
All the different stories. All the confusion. Yeah I'm glad to get the money, but I needed it like yesterday.... |
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Tracy T | The IRS are trying to say that I owe them taxes now. How? |
During tax time, I was expecting two W-2's but only received one. I went on ahead to file that one and received a small refund of $300 and something. I put in all of my medical payments and travel expenses.
Finally, my other W-2 arrived after the deadline during the summer so I filed that. They informed me that I need to file a special form, the amended form. I did not know where to put all of the medical payments and relocation travel expenses on the amended form. I tried putting it somewhere hoping that they would correct it if it was wrong.
Anyhow, I received a letter in the mail now saying that I owe them $700 and something.
They took the numbers on my W-2 and came up with this figure but my medical payments nor my relocation expenses was not taken into consideration. How did this happen?
Is there something I can do fix this? I do not work and cannot afford to pay that money. Should I just take all of my paperwork to a tax specialist and have them figure it out because now it is all confusing to me? |
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travelguruette
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Take it to a tax professional. Every day that you wait you are racking up penalties and interest. |
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v b
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Let me get this right. You took one W-2 and filed, apparently with a schedule A showing medical expenses (in excess of 7.5% of this W-2's income) and travel expenses (on the misc. section and only in excess of 2% of this W-2's income). You also took your personal exemption and ended up with a small refund.
Then you got the other W-2. Had you included this W-2 in the original return, I suspect you would have owed money, but I have no idea how much because you don't give enough information. The reason you would owe is that your income went up. The total for BOTH W-2s is your new AGI. This would increase that 7.5% floor for the medical expenses as well as increasing the 2% floor for the travel expenses. Even if you had $10,000 of such expenses, the total you could deduct witht he schedule A would drop. Less, schedule A, more taxable income. (Meaning your income after the 1040X, second W-2 went up by MORE than the amount of the income on the second W-2).
That 2nd job didn't know about the first job. If you handed in a typical W-4 (single -2), there probably wasn't all that much withholding on it. Let's say you were in the 15% tax bracket and the 2nd W-2 showed $10,000 more of income. Your tax bill would go by more than $1,500, but I doubt the box 2 on the W-2 had that much in it. So yeah, you could easily owe $700.
If you post the $ from the W-2s (box 1 and 2 at least) and the total you had for medical and travel, we could do a better guestimate. |
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ninasgramma
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It appears that you may have messed up your amendment. When the IRS figures the additional taxes owed, they do not necessarily figure the minimum tax owed. They may have taken the standard deduction for you when you could have itemized.
To straighten this out, take a copy of your original return, a copy of your amendment, and the correspondence you have received to a professional tax preparer. Do it soon before the tax season for 2009 starts.
Hopefully you will be able to take your medical expenses on your amended return, although the amount you deduct will be less than on your original return because of your increased income and the floor on medical deductions of 7.5% of your AGI.
Your moving expenses deduction will not change from your original return.
If your state has income taxes, you will need to amend that return as well. |
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Charlie & Angie G
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The moral of this story is to file a correct original return even if you have to get an extension of time to file. When you file an amended return, you must file any forms or schedules that are being added or changed. Since you didn’t include a Sch A to claim your medical expenses or form 3903 to claim your moving expenses the IRS disallowed those expenses and only allowed the income, which is why you have a tax bill.
There can be more than one correct number for your tax liability, if you think the number the government provided you is not correct it is your responsibility to tell them what the correct number is. To fix this you will have to file another amended return. If you made less than $40000 last year the IRS can prepare the amended return free. If you made more than that you will have to do it yourself or hire someone. In either case you will need a transcript called a record of account. This will tell you what your original numbers were and how the IRS changed them.
You can get the transcript in person at you closest IRS office or call 800 829 1040, pick the option for tax law questions and tell the screener what you want.
Hope this helps, good luck.
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Charles G
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"hoping that they would correct it if it was wrong"
It was wrong and they corrected it. Be careful what you hope for.
Right now, seeing how you do not really know how to fill out a 1040X (not to say that you couldn't learn, given time and opportunity...) you might want to see somebody about it. But be aware that the IRS might have actually prepared it correctly.
What you need to do, first, is to prepare a return correctly yourself. Then, taking the 1040X, use the information from the last 1040X prepared for you, put the difference, and attach the W-2s. The reason, of course, is "additional W-2 received." Since you already prepared a Sch-A once, you do not need to add it. As a rule, however, you should attach any forms that the original return didn't have.
One thing to consider, part of the $700 you owe is the $300 refund.
If you cannot pay $700, you can go online, or over the phone, and ask for an installment agreement of, say, $25 per month. Be aware that that will cost you an extra $105.
Or, you can explain that you have a hardship situation (best to use the terminology they use, less confusion), they will ask for, or take over the phone, a 433-A Collection information statement, so know your monthly income and expenses before you call. This will involve talking to someone. There should be a contact person on the letter asking for the money, call them. Or, if not, take your chances with 800-829-1040. |
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wartz
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You should have filed IRS Form 1040-X with the second W-2. The form is available from the IRS web site. |
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crazydave
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On form 1040X (the amended return), your medical and relocation expenses should appear on line 2, itemized deductions. The amount shouldn't have changed from your original return. The income and withholding amounts should be the only thing that changed.
Look over your original return and the amended return and try to figure out where you went wrong on the amended return. If you are still confused, you probably should consult a tax professional and get this straightened out as soon as possible; if the $700 is correct, the interest and penalties will keep adding on until it's paid.
http://www.irs.gov/pub/irs-pdf/f1040x.pdf
Did you file a state amended return also (if your state has income tax?) |
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Judy1
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You can't just file two W-2's for the same year separately - that results in your double dipping on your exemption and deductions. You are required to file one return, showing both of the W-2's added together.
Since you didn't file a legal return, the IRS prepared one for you, and that's where they got the $700. If that's with the standard deduction, and you had enough itemized deductions to itemize, you might owe less than that. Prepare a return correctly to find out what you REALLY owe. The amended return uses the numbers from your original return, and the numbers from the corrected one, and shows the differences.
It sounds like maybe you are in over your head, and would be wise to have an accountant prepare the proper forms.
You do know that if you itemize, you can only deduct medical expenses that are over 7.5% of your income? And that not all relocation expenses are deductible? |
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Steve
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Prepare a new return using ALL of the information from the 2 returns that you filed. When you are done with that, you will need to file an amended return (Form 1040X) using the information from the first return that you filed and the correct return that you just prepared.
If you actually filed 2 separate 1040's and one of them was not a 1040X, the IRS is assessing you tax because you took either the standard deduction or itemized deductions twice and you took the personal exemption twice.
If you still owe after filing the 1040X (you probably will), do what you can to pay the debt because interest and penalties will still add up. You don't need this hanging over your head and getting worse because you can't/won't pay the IRS. The IRS will work with you. |
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jo614
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The 2nd W2 needed to be combined with the first W2 to arrive at total income. You can't file each W2 separately. As far as the deductions are concerned, moving expenses would be deductible under certain conditions. Medical expenses are only deductible if you exceed 7.5% of your adjusted gross income. In most cases people generally don't qualify for any benefit from medical expenses unless they are paying high premiums or have a lot of expenses. Also, you need to itemize if you plan on taking a deduction for medical. People that itemize often own a home because you need to have the interest and property tax expenses in order to bring you up over the threshold. You mention travel expenses and that confuses me. In order for travel expenses to be deductible as an employee they cannot have been reimbursed by your employer. If you are taking business mileage, you must have a reason for doing so. Commuting mileage is not deductible.
I would suggest you get help if you don't fully understand. The IRS will continue to assess penalty and interest. Find a local H&R Block office in your area that is open year round. Bring in the letter your received from the IRS and your tax return. They should be able to help. |
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stephenweinstein
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First, if you knew that not all your income was on the first W-2, it was illegal to file with only that W-2. You should have filed an extension request are waited for the second W-2 before filing any return.
Be that as it may, file another 1040X (Amended Tax Return), putting the medical and relocation expenses on the correct lines this time. If you cannot find the correct lines, then have a tax specialist do it. |
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Ms. Angel..
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You caused yourself a headache by not waiting until you had all you w2 information to file an accurate tax return. Then you filed another tax return which you should have filed a Form 1040X amended tax return.
Now correct your error by filing a correct Form 1040X amended tax return.
If you need assistance visit IRS local office in your city, take all your tax documentation. Take a photo ID with you.
For the future wait until you have all you w2 and if not received by February 15th then you can contact your employer if they still don't send them to you then contact IRS and let them know they have not issued the w2's. |
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Dave T
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The form the IRS is talking about is Form 1040X. This form is used when you want or need to make a correction to a return that has already been filed. The Form 1040X is a little hard to fill out so have your tax professional help you.
You can visit the IRS web site at www.irs.gov and in the Forms Section, left side of the page near the top, you can download Form 1040X and the instructions. Mail the completed Form 1040X to the same IRS office that you filed your return or mail it to the IRS office that sent you the letter saying that you owe additional money.
The IRS was told about both of your Form W2 by your employers, as is required by law. When the IRS reviewed your income figures and found that the total did not match what was reported on your return they sent you the letter.
You can also contact the Taxpayer Advocate Service for help. This is a free service the IRS offers to people that are having problems with the IRS. The local Taxpayer Advocate Service telephone number is on the IRS web site also.
Hope this helps |
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phatgeek1
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This is why you owe ...
"During tax time, I was expecting two W-2's but only received one. I went on ahead to file that one and received a small refund of $300 and something. I put in all of my medical payments and travel expenses."
That was your first return ...And on the second you tried to claim it all again ..You cant claim everything twice , you tried to cheat the government..
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chatsplas
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You can only file ONE tax return for a year. If you have more than one W-2 due, you need to get that, not file with just the one because your tax return will not show all the income you really received. When you make a mistake on your tax return, when you filed with only one W-2, to correct that, you file an amended return, a 1040X. It is important to do it right, to read the directions and put things in appropriate categories. Throwing information on a return and hoping for the IRS to correct it doesn't work too well. The IRS will use the info it has and figure your taxes, but doesn not have to figure them out in the way most advantageous to you--that's your job.
If you don't itemize taxes, you don't get the benefit of extra deductions, but take the Standard Deduction. That's an amount the government sets, saying everyone has some expenses and deductions and donations and such. Medical bills that YOU pay (not insurance) have to be more than 7.5% of your AGI, a very high threshhold.
suggest you take all your tax information to a profession to have them look at it. The IRS may be right, or you may be able to reduce the amount they want. Expect to pay up front for the tax preparation. |
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