Hi Miguel We're in chat here now...
this is better
ok lets talk first about the procedure...
It is a little less... DISjointed
i will response to the letter i received marking that i do not agreed, i will send my letter explaining and the amendment to the return with the new 982
yes, ALL in the same package
ok that will be also the filing of the amendment to my 2011 income tax
That's right ... if you use from 1040X that is the amended return form ... and you will need new 982 that matches up with that
so answering and including the 1040x with the 982 will be the response to the notice and the filing of my amendment at same time....i dont need to send nothing else
That's right, you will have not only answered but given them the reason why ... the BEST answer
I would, again send the vcover lett with that, that explains that you dd not get the 1099 originally
and i will send all using fedex/ups to be cover...
ok now creating the 1040x
Was the street address on the CP2000 a P.O Box or did they give you an actual stree address?
address is: AUR CORR 5-E08-113
I Can use USPS Priority mail to avoid the po box problem right? certified and with return receipt
OK.. Let me call FedEx and see if they can send to that ... it sounds like a mail drop ... just a sec
there ya go
ok i will use usps is with all options and done...
Sounds like you're there
ok let do now the 1040x form part
i used same software i used to created the original income tax return 2011
is that ok, right?
That should make it easy .. Idn't know tax act that bwell but if it's like turbotax or the prof pkg I use with clients, the first thin will be sich form to use and that should giver you your existing datd so you can just change the needed lines/inputs
sorry, it should give you the option to choose 1040X
and already have your information there
yes it has
there 1040x has numbers from 1 to 21
evrething from 1 to 14 stay the same
Yes ... note the descriptions .. I think line 1 is Adjusted gross income?
ok but i did not change 1
it stay the same
It's be in the tax liability area
the problem is that as the 1099-c were not affecting the incomes and deductions
i dont see any changes
a. original amount=c.correct amount
OK, Tax liability is the amount owed
b. net change 0
is that ok...?
DO you have your original return printed out and handy?
columna A and Column C in the 1040x are the same value
OK what you really should do is fill out the full 1040 again (with the corrected amounts) so you can match it up to the 1040 X
but the problem is that 1040 will stay the same
theres nothing to add or substract
is just the 982
that needs to be changed
But wasn't there some 1099 income that you didn't report the first time?
i reported the two, 1099 c the first time...., one i never received it...
but that is not reported in the income if you report the 982
RIght ... but THEY DID get their copy ... and this new return needs to match what they receieved... that's what's causing the probelem
you told me and confirmed that i dont need to add in the income the 1099-c if i will include the 982
Let me look at the 982 for a minute ... are you saying that the 982 direts you NOT to report? or simply that the tax due is forgiven
Let me look really quickly
when you add the form 982 to taxact
So sorry, it does say EXCLUDED
Now I understand the confustion
it does not put the 1099-c
again, my apologies.... when income is EXCLUDED, you don't actually report it and waive it... they're saying that you don't NMEED t report it
Now I understnad your queston
then first time i report two, 1099-c
Aga, sorry, I understand the law around this but have not had to actually do a tax prep on one
but i never received the 3er
i dont know why at least they dont waive 2 of the 1099-c in the original declaration
Because again, that [art I can tell you from experience ... if everything doesn't match up the system goes back to a number that refects as if you didn't do the 982 at all
ok back to 1040x
you can get the amounts correct on the new 982 right?
everything in that form shows no changes....
yes i corrected the 982
If you send in (1) the 982, (2) copy of CP2000n with (3) amounts matching the total amount they received in their 1099 copies THAT gets you there
with the value of the 3, 1099-c
with the total value of all 1099s received in that yax year
yes the three
but i need to fill the 1040x
on your 2011 return you DID show the income from the 2 1099s?
yep... just got there myself
then the 982 will do it
as you said ... the 1040 actually will not change
NOW i get it
i did not show income for the 2, 1099-c i had , but i included the 982
again my apologies
was thinking you had reported ... but you didn't because of the 982
we're on the same page now
everything appeared to be ok...
in this case there no need to do an amended, the 982 will now show what their system is looking for
i did not put the two 1099-c because i included the 982 waiving that amount
a total income being waived that equals the 1099s THEY received
so sorry ..
somewhere along the way I was thinking you HAD actually reported something
i found that was a dollar diference
i reported $9382
was that rounding or comething?
and they 9381
ok, but yes, as lon as that 9382 was there and that doesn't change...
they never have a problem when it goes that way
the problem is that one 1099-c was 4081.06
and the other 5300.87
i rounded the 5300.87 to 5301
dont ask me why ?
.... the tax act does that Listen there's no reason to rate again... you shouldn't have to pay for use getting on the same page here
I know that turbotax and my intuit pro does that 500.51 becomes 501
i dont worry about that i just want to be 100% clear and finish this today
getting back the 1040x
now i changed the 982 to the complete value of the the 3 1099-c
If nothing changes ... on any line of the 1040 form... there's no 1040X
so that part is super clear?
but what i need to do with 1040x
Yep ... only line 2 of the 982 changes
theres no changes in column B
again, so sorry
everything stayed the same...
if not one single line of your original tax form changes...
because i did not add income or deductions.
I was thinking all along that you had done a return with some of that income on there
not i waive the first 2 1099-c with the 982
so i dont need to include that in the income
yes, and you got the notice, because the computer saw you waiving that amount and they showed a different total amount
they just send me the letter telling me that i did not report the income from the 3 1099-c
is like they ignored the 982 i sent (for 2 , 1099-c)
again, i really believe that this was system (computer thing) where it reverts to the total amount of income that ws reported to them if somethng does not match up (even if it was only the last 1099)
that's right... I doubt if a human set of eyes even saw this
ok not the solution
ok now the solution
i changed the 982 with the 3 1099-c
but i think i need to send the 1040x even if the values are the same
when the 982 amount PLUS the income already reported totals to the same total they have ....
because is the amendment form
more cannot hurt... NOT a terrible thought
thats the diference
that's a way of telling that you DO disagree ... that all of the income should have been excluded
the 3 1099-c
then again, I would be sure to explain that in the letter if you do it that way
ok in my first form i dont have one the 1099-c
first 982 right?
first 982 has 2 1099-c and was ignored
i will tell that
and i did not received the 3er one...that now im including in the new 982
i will explain that in the letter
and you're sure of the amount?
yes the sum of the 3 1099-c
they ignore everything the first time
i will explain in the letter
then i need to send the new 982 and the 1040x
I'm still not so sure about the 1040x
i need to amend the return
or just send the new 982
yes, that can be your reasoning for sending in the 1040x
I think just the 982
could you find out that for me?
or theres no way
really, if NOT ONE line item changes,it might confuse the issue
you are righ
It all comes down to .....
the 1040x is nothign
everything the same
i will include just the new 982 in the form with the explanation letter
what do you think?
yes, you are not amending... it all comes down to the fact that the 982 EXCLUDES the income ... meaning .. no need to report at all
yes, you are not amending... it all comes down to the fact that the 982 EXCLUDES the income ... meaning .. no need to report at all ... so no you are not really amending THAT form
amedning meaning changing
her... there's no change
Sorry for confusing the issue ... I was thinking that you HAD reported some of the income
so i will include the 982 in the letter and done...correct?
just the 982
just make sure the numbers ad up
yes, copy of cp2000, letter explaining, and 982
do i need to explain in the letter that first time they ignore the waiving of the first 2 1099-c
I would definitely touch on that... this will address the issue and not just leave it unspoken
I wouldn't questions it, so much say something like ....
I am assuming that you are asking for the total amount because the numers did not match up...
i got it...
I am assuming that you are asking for the total amount because the numers did not match up in the first 982
because of the missing 1099-c
very nice, yes
ok after i send everything what i need to confirm in the future..?
how will i know they eliminate the debt with interest they had on me...
Now, this is art more than science (no way to really now, because you will be in the mode where you are waiting for them (as you WILL have replied to the notice)... ball's in their court, so to speak ... but once you have your reciept... you might want to call the number on YOUR copy of the cp2000 and confirm that they got it (citing your deliver preef) ... and ask if there's anything else they need from you
If you just hear NOTHING ... and can't get through to them ... there is a way to go online and ask for a transcript of your tax account
oh there i will see the balance
if still exist
yep .. see from here: http://www.irs.gov/uac/Tax-Return-Transcripts We can also provide a tax account transcript. The tax account transcript, which is also free, shows basic data from your return, including marital status, type of return filed, adjusted gross income and taxable income. It also includes any adjustments you or we made after you filed your return. Like the tax return transcript, the tax account transcript is generally available for the current and past three years.
To do this online you go here: http://www.irs.gov/Individuals/Order-a-Transcript
ok i will do all you recommend me..
and finger cross
You will be fine .. you have thought this through well
Do be sure to let me know
not as a separate questions (so you won't be charged... just come back to THIS thread)
i think now im completly clear..
... glad I could at least help you "flush it out" ... work through it
Thanks much my friend
for lane only,
i don't have to explain or send documents to prove the insolvency
right? just the plain 982
I will include a worksheet
but some values will be approximated
i cannot know exactly you know what i mean?
Do i need to put
values like 10,321.22 or just 10,000
exact is impossible
i will put values above what i think it is (generous values in assets) ...
and in liabilities i will put lower than i think was...
still i will be insolvent because of my mortgage loan that is around 200,000 and the market value were like 80,000
the dificult is to know exactly at 2/4/5 of 2011 the values exactly? you understand, but i think is better to put something, what do you think?
or i can just say that i was insolvent because my mortgage loan debts are more than 200,000.00 and the market value at that time was 70,000, and i dont have any valuable assets, considerable amount of cash or equity in our cars, so i was insolvent for more than 100,000
finally according to your experience what are my percent chances of an audit, after this?
Do we both me and my wife needs to sign the response document, or just me as head of the family is ok? im the one doing the taxes, she is not involved in the preparation.
let me know
...appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.
then we both sign just the letter we did explaining, right?