How do you complete a 1040x?

annann
in Business & Finance

I initially got a refund, but forgot to claim income from 1099-MISC. Now, I'm goinmg to owe the IRS.

I went and recompleted the 1040, with the adjustments... so I know I owe the difference. However, I can't illustrate it on the 1040X. I'm pretty sre I understand lines 1-15... and the confusion starts on line 16 - when I'm not just entering amounts from the original and adjusted 1040s. Please help!!

Thanks

Comments

  • steve-bsteve-b

    You got a refund on your original return, so line 16 is $0, as is line 17. Line 18 is self explanatory, add the amounts in columns 11 - 17 in column C (your lines 16 and 17 are $0, so just add 11-15.) Line 19 is the amount of the refund you received. Subtract that from line 18 to get line 20.

    If line 10 is more than line 20, as it must be in your circumstances, subtract line 20 from line 10 and put the difference on line 21. That's how much you owe. Skip lines 22 - 24.

    Part II, on the back, can be simple or as ornate as you care to be. I would, in your situation, just write "adding previously unreported business income".

Sign In or Register to comment.

© Vanilla Keystone Theme 2024