Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

Tax CPA question: amended tax returns 1: I have received

Tax CPA question: amended tax...
Tax CPA question: amended tax returns1: I have received CP2000 for 2015 tax. I forgot to add one financial institution's DIV so I agreed CP2000 and just paid the amount on CP2000 to IRA.2. After that, my company found out that they have errors on 2015 W2. They typed wrong numbers at Box5 (Medicare Wages and tips) and the company charged us the medicare tax withheld from 2017's wage.3. Now, the company asked each employee to amend the tax returns for 2015. We do not own any amounts.My question is :When we file amend tax return for 2015, do we need to include both information on the file? Since we have paid the fee already, how can we file without paying or owning any fee? even thought the total refund is different from the original tax form?Also, do we have to amend state tax as well?Thanks,
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
9/2/2017
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,271
Experience: IRS licensed Enrolled Agent and tax instructor
Verified

Hi. My name is ***** ***** I will be happy to help you.

After you agreed to CP2000 changes and paid the difference, the corrected by the IRS return is now your original return (not the one you originally filed).

But you will need to amend your state return because the CP2000 change increased your AGI.

Medicare wages will not change your refund (or balance due) unless you had underreported SS and Medicare tax on line 58 or line 71 (excess ss tax withheld). If the change does not change your refund you do not need to amend it. Medicare income (box 5) is not reported on tax return.

Ask Your Own Tax Question
Customer reply replied 3 months ago
Thank you very much!Some people told me that I do not have to amend my sate return because the state will send me the bill to pay the difference anyways. Is it true? or should I amend my state now?This will be last one. My medicare wages and tips on Box5 on W2 increased and Box 6(Medicare tax withhold) increased and the company took the different from the 2017 wage. The company said that we will likely be required to amend your 2015 income tax return to reflect the 0.9% Additional Medicare tax which was paid from 2017 wage.Any suggestion?

The IRS will eventually notify the state but it can take several month and the late penalty will grow in meantime.

The additional .9% tax does not apply to everybody, only to people with 200K+ income. You will need to check if changing the Medicare income and tax would change your refund/balance due. If your income is less than 200K, it will probably not change anything.

Ask Your Own Tax Question
Customer reply replied 3 months ago
Thanks, ***** ***** question, I will add some tips.Our income is 200K+ so tax would increase and the company already took the balance due from the wage in August 2017. My question is : in this circumstances, do we need to amend 2015 tax return? even thought we have paid already in 2017.

It depends how the company is handling it. Did the company issue you corrected W2? If yes than you will have to amend your 2015. If not, than you do not have to.

If the company issued you corrected W2 than the withholding made in 2017 was to correct 2015 filing. But if the company did not issue you corrected w2 than the withholding (and additional tax) will be reported on your 2017 return (in that case you would not need to amend your 2015.

Ask Your Own Tax Question
Customer reply replied 3 months ago
the company issued corrected W2 2015 today and they took the balance due from the wage this month in 2017.In this case, we have to amend 2015 tax , correct????Also, do we have to induce the collection from CP2000 dividends (The balance was paid) too when we amend 2015?Sorry for the complex question, we will add some tips.

If the company issued you corrected w2 than you will need to amend your 2015. When you amend your return your original version is the one as corrected by the IRS. It will include the additional dividends plus the additional payment (before the late fees and penalties).

emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,271
Experience: IRS licensed Enrolled Agent and tax instructor
Verified
emc011075 and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,271
3,271 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,336 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,906 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
W, is there a amend tax return there at IRS there for me? My
Hi, my name is ***** ***** Miller, is there a amend tax return there at IRS there for me? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
42 satisfied customers
Is income from an LLC passed through to personal tax return
Is income from an LLC passed through to personal tax return considered earned income, enabling me to contribute to a traditional IRA?… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
Need copies of tax return for 2016 and 2015. We filed
Need copies of tax return for 2016 and 2015 JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: ************* JA: Is there anything else important you thi… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,906 satisfied customers
Have not filed a tax return since turning 65 in 1993, am 89
Have not filed a tax return since turning 65 in 1993, am 89 and would like to know if there will be penalties against my estate when I pass. … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
I used the online version to file my 2016 tax return and I
Good morning I used the online version to file my 2016 tax return and I am not sure how I missed filing my wife's return. I now need to file a return for her and would like to know if I can add her to… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,592 satisfied customers
I LIVE IN OKLAHOMA AND MY STATE TAX RETURN IS FOR 10,843.00
I LIVE IN OKLAHOMA AND MY STATE TAX RETURN IS FOR 10,843.00 REFUND OTC TOLD ME THEY WILL NOT PROCESS UNTIL I GIVE THEM A ORIGINAL W-2 COPY AND PROFF THAT IRS ACCEPTED MY RETURN? WHY IS THIS SHOULD I B… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,592 satisfied customers
Does a non-resident alien need to file a tax return on
Does a non-resident alien need to file a tax return on interest income received from a US business loan?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
For a ny state partnership tax return, if you file an
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (fo… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
IRS Experts Corporation changed name. 2016 tax return has
IRS ExpertsCorporation changed name. 2016 tax return has been filed with a new name. Taxpayer recently received notice which has old name. How do we change the name with IRS?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,592 satisfied customers
When bank refinance do they verify tax returns with IRS?
When bank refinance do they verify tax returns with IRS? Because I did the refinance and bank didn't ask me for transcript signature, or Can they do it without my authorization ?… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
862 satisfied customers
Thanks for the help beforehand. I want to file a tax return
For Lane: Hi and thanks for the help beforehand.I want to file a tax return on under california Tax Statues. However, there are 3 things in mind that are important for my question:1. I'm a Non-US Resi… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
I filed for an extension to file my 2017 income tax return.
I filed for an extension to file my 2017 income tax return. I recently suffered a stroke - 6 weeks ago - and have been unable to finalize my return. I should be able to file it within the next 30 days… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,592 satisfied customers
I filed an extension for 2013 tax return but no actual tax
i filed an extension for 2013 tax return but no actual tax return. Do I have until Oct. 15, 2017 to file for refund?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,592 satisfied customers
I file 2011 tx return and de state tax return i permit
hi i file 2011 fred tx return and de state tax return i permit address is de … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
I recently filed amended federal tax returns (1040x) for
I recently filed amended federal tax returns (1040x) for 2013 and 2014. I have received a refund for 2014 and am answering some additional questions for 2013. Do I need to file amended tax returns for… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
37 satisfied customers
I just found my s corp and state tax returns for 2014 for
I just found my s corp and state tax returns for 2014 for which I thought were mailed. there is no money due but what are the consequences on mailing now and what if I don't? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,251 satisfied customers
What tax form is filed to report dividends paid by US Corp?
What tax form is filed to report dividends paid by a US Corp which is owned by a Canadian Corp? I think it might be 1042S. I want to know the rate of WH.… read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
Can franking credit on an Australian income tax return be
Can franking credit on an Australian income tax return be used on Form 1116 as tax paid on the franked distributions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,906 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x