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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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I made a mistake on my 2007 Tax Return, corrected the error

Resolved Question:

I made a mistake on my 2007 Tax Return, corrected the error and am now filing a corrected return. How do I calculate the amount of tax owed? Can I simply take my new refund amount and deduct it from the larger (incorrect) refund amount and apply penalties and interest to that? Or must I calculate the amount of tax increase - deduct the refund - and apply penalties and interest. They prodcu two totally different answers!
Submitted: 7 years ago.
Category: Tax
Expert:  Lev replied 7 years ago.

You need to send an amended tax return using form 1040X -


Please mark in the header that it is for 2007 tax year.

You will put on the line 17 Amount of tax paid with original return

or on line 19 - Overpayment

Line 20 will show the net balance after corrections.

If you are using tax software - all should be filled automatically.


Let me know if you need any help.


Customer: replied 7 years ago.
Thanks Lev - I use Turbo Tax and entered the correct information and reprinted it - does that suffice? or do I need to physically fill out a 1040X? Also, am I to asume that I pay the penalties and interest on the difference between Line 19 and 20 (as ref in your reply) - the form the IRS sent me was very long and complicated and did not arrive at the same answer
Expert:  Lev replied 7 years ago.

For correction - you need to fill and print out the form 1040X and send it to the IRS.

You do not need to fill the form 1040 again.

You would also need to print all additional forms and schedules that were corrected and attach them to the form 1040X.


You do not need to calculate penalties - the IRS will do that for you and will send you a bill.


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