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  1. #1
    Join Date
    Feb 2008
    Posts
    3

    Default 1040x Questions 2005

    I filed my taxes in 2005 (w-2s), now months after I filed i had received a 1099 from a job I had already received a w-2 from (which is correct). I received a return that year for the w-2s i claimed(never filed 1099). I never filed the 1099 because i was 18 and scared I would owe a lot of my money i didnt have at the time. Now in 2008 I want to settle this because they say I owe them close to 2k with interest and i dont want true irs problems.

    1. Can I file a 1040x and use write offs because I know I used more than the $5,000 i didnt claim for expenses, over the 6 months I was an independent contractor.
    2. If so, I dont have the receipts from 2005 but have an idea of my regular expenses and mileage from 2005; Can i go do the 1040x online and feel safe that i wont be audited for writing off the $5,000.
    3. Will I still have to pay penalties for wanting to file 3 years later.
    4. And if anyone has any advice I never thought of or have been in a similar situation, please any help is needed.

    Thank you for any comments posted

  2. #2
    Join Date
    Oct 2006
    Posts
    15,274

    Default Re: 1040x Questions 2005

    Quote Quoting t1red
    View Post
    I filed my taxes in 2005 (w-2s), now months after I filed i had received a 1099 from a job I had already received a w-2 from (which is correct). I received a return that year for the w-2s i claimed(never filed 1099). I never filed the 1099 because i was 18 and scared I would owe a lot of my money i didnt have at the time. Now in 2008 I want to settle this because they say I owe them close to 2k with interest and i dont want true irs problems.

    1. Can I file a 1040x and use write offs because I know I used more than the $5,000 i didnt claim for expenses, over the 6 months I was an independent contractor.
    2. If so, I dont have the receipts from 2005 but have an idea of my regular expenses and mileage from 2005; Can i go do the 1040x online and feel safe that i wont be audited for writing off the $5,000.
    3. Will I still have to pay penalties for wanting to file 3 years later.
    4. And if anyone has any advice I never thought of or have been in a similar situation, please any help is needed.

    Thank you for any comments posted
    The opportunity to file an amended return for 2005 expires on April 15th of this year.

    I suggest that you take yourself to a local tax professional ASAP, with as much documentation of your expenses as possible.

  3. #3
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    2,344

    Default Re: 1040x Questions 2005

    The three year rule for filing an amendment only applies to a claim for a refund. If the IRS believes you owe taxes for a prior year more than three years ago you may file an amended return for that year up until the statute of limitations expires for the IRS to collect the tax. For example, if the IRS contacted you about an unreported 1099-MISC from 2004 you could still file an amended return for that year to file a proper Schedule C and report your correct income and pay your correct tax. So in the case you are describing, you are not bound by any April 15 deadline but you should take care of this matter soon because interest continues to accrue on any tax you owe. It is surprising that the IRS has not contacted you about that return by now.

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