mike[at]irsos.com wrote:
- quote -

Hey, thanks for everyone for the information and advice! It
is most appreciated.

Dana

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

"Dana" <danapellerin[at]gmail.com> wrote:

- quote -

I would suggest that you pay the tax and any interest due to
the IRS & CA. If you can't get an interest calculation, then
just pay the tax & the IRS & CA will bill you for the
interest. Many tax prep programs have the capacity to
calculate the interest if you get the current interest rates
from the IRS & state websites (mine does).

--
This written advice was not intended or written to be used,
and it cannot be used by any taxpayer, for the purpose of
avoiding penalties that may be imposed on the taxpayer.

(The foregoing legend has been affixed pursuant to U.S.
Treasury Regulations governing tax practice.)

<<< Benjamin Yazersky CPA [NJ & NY] > > ---> real address on hobokenx or hobokeni <---

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Dana wrote:

- quote -

Send a check for the tax only and let them bill you for the
interest and penalty. You likely will need to amend CA also.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

danapellerin[at]gmail.com (Dana) posted:

- quote -

Yes, you can do that, or you can wait for the IRS to bill
you. If you include the correct additional tax, you stop
the interest clock, and you _may_ even preclude a bill for
interest due, if the amount accrued is de minimus.

- quote -

I wouldn't bother to do this. The IRS will advise if they
want additional payments.

- quote -

By all means. If you also deducted too much on your state
tax return, you should amend that as well. Since I last
filed a CA return when I lived there more than 30 years ago,
I'm certainly not up to date on the forms ... but they must
have an equivalent to the 1040x.

Bill

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

ana wrote:

- quote -

Yes, you will compute the balance due for the difference and
send that along with the return.

- quote -

Per the instructions, the IRS will calculate the interest
due and bill you for it. However, nothing stops you from
computing the interest, if you wish, since the IRS will
apply whatever you pay to the balance they compute as due
with interest. But, as noted, there's no reason to do this
except to (maybe, if you get it right) avoid getting a
letter from the IRS for additional interest.

On penalties--the IRS normally doesn't assess penalties on
amended returns where you hadn't been contacted and were
voluntarily fixing a problem that you did not yet have
reason to believe the IRS was in the process of contacting
you over.

- quote -

Yes, assuming the change impacts your California liability
(which this one almost certainly does). In that case, file
a Form 540X.

--
Ed Zollars, CPA
Podcast located at http://ezollars.libsyn.com

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ========================`========================= ====== >

Dana wrote:

- quote -

Yes

- quote -

Let the IRS do the calculation. They will send you a bill.

- quote -

Probably

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Hello, I just discovered that my IRA contributions for 2005
were $500 less than I reported on my return. I want to file
an amendment and straighten things out. So my questions:

- Do I just include a check for the tax difference when I
file the 1040x?
- How do I calculate any interest or penalities?
- Do I need to worry about this affecting my California
State tax return?

Thank you,

Dana

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >