Usenet User <me[at]privacy.net> wrote in news:110vuiocio1dv86

- quote -

First, breathe. You're OK, your folks are OK, and no one's
lives have been ruined.

Wait a few weeks for the IRS to get your return through the
system, then file a 1040X (amended return), with the
changes. When I do these for someone, I send in the 1040X on
top, then a copy of the original return, marked "As
Originally Filed", then a copy of the corrected return,
marked "As Amended". Make those marks _very_ clear (big
letters, highlighted), so the data processing types at the
IRS see them.

That should take care of everything.

You should then expect to see a return letter from them
(eventually), telling how much you owe them back. Perhaps
some of the other posters here have better info on how to
deal with too-high refund checks and whether or not it's
better to cash them and reimburse the IRS, or to return the
wrong check to the IRS. I see potential for confusion
either way, and my clients have generally come to me having
owed money.

Catherine

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Send in a 1040X in March. If you send it in too soon it
might confuse the IRS computer Dont worry- people make tax
mistakes all the time.

If you are paying more than half of your yearly expenses,
then you father cant claim you. Be sure not ot overlook
medical and auto insurance your parents may be paying.

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Nothing to be scared about or even nervous. Just file a
Form 1040X and explain on page two that you mistakingly
thought by being away at school that you could not be
claimed on you parents return. This probably happens more
often than you might think.

Missy Doyle

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"Usenet User" <> wrote...

- quote -

Relax, get something to eat, & prepare a 1040-X, changing
your dependency status to claimed on another's return. This
will lower your net balance to either a smaller refund or
possibly a balance due. Hold onto this until just before
4/15/2005, if the following have not yet occurred then file
it.

If you wait a few weeks and allow the original returns to
post, it might get {flagged} by the system, It certainly
will if your dads returns posts in the same or previous week
that yours does.

If the flag out occurs, you & your dad may receive a letter
asking to confirm who is entitled to the dependency
deduction, once explained the appropriate adjustments will
be made.

If by chance your dad's return post's first, he will get the
deduction and refund he anticipated, you will get a letter,
this will be your opportunity to relinquish your claim to
self-deduction.

If by chance your return post's first, you will get the
deduction even if it's not appropriate based on you & your
fathers situation, this is the time to file the amended
return, repaying a portion of the over payment refunded to
you.

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Usenet User wrote:

- quote -

First relax. YOu're not going to jail.

Now, depending on your income, did the 1040ez you filed
have over 4,850$ in income on it? If not, then do nothing.
it just won't matter.

If so however, you will owe tax on the difference between
income and that 4850, so after IRS processes or rejects
youro 1040ez, you will know what to do. If rejected, filed
a new one, correct this time. If however they process it
and refund your amount sougth, it's then time to file an
amended tax return. that's a form 1040X.

ChEAr$,
Harlan Lunsford, EA n LA
Sun 13 Feb 2005

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"Usenet User" <me[at]privacy.net> wrote:

- quote -

Get form 1040X from the IRS website, fill it out with the
change of exemption, and send it in with whatever money you
owe as a result. The best way to fill it out is to fill out
a "dummy" correct 1040EZ so you know what goes in which box.
Don't forget you probably also need to amend your state
return.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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"Usenet User" <me[at]privacy.net> wrote:

- quote -

Robert, get a Form 1040X from http://www.irs.gov and file
that as soon as possible. On that form you can explain what
happened.

Wayne Brasch, CPA, M. S. Taxation

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Here's my situation:
Last fall, I moved away from home to attend college (at a
dorm). As I didn't live at home the whole year, I believed I
could not be claimed as a dependent on my parent's income
taxes, and checked the "no" box on the form 1040EZ for
myself. I mailed it in one week ago (Feb 5)

However, later I looked up some of the rules for dependency
and talked to my dad, and found that not only could I still
be claimed, but my father did in fact claim me. He mailed in
his 1040 on Feb 1.

So now obviously I want to fix my mistake, preferably
avoiding any trouble with the IRS. I wish to tell the IRS
that I can in fact be claimed on someone else's taxes.
Currently, it will seem I am being claimed as a dependent
twice, which I'm sure the IRS would not appreciate. My
parents are expecting a refund, and I don't want it to be
endangered or postponed by my carelessness.

How should I proceed to fix this as soon as possible? Is
there a way to "stop" the processing of my 1040EZ? Should I
send a new one? Must I wait until I get "the letter" from
the IRS? Let's say the IRS catches this mistake before I get
to fix it, will I get into a lot of trouble? And how would I
go about repairing it?

As you can see, this has been nerve wrecking for me. I lost
plenty of sleep last night over this, and haven't even been
able to eat right, as I am very scared. Please advise me on
how to proceed and fix my mistake as soon as possible.

Thanks,
Robert

--
This space for rent.

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