Amend 2006 taxes on 2008?

Question

Long story short, I did not add a 1099 form on my 2006 tax return, here it is 2008 and wondering if I still have time to amend it? Can anyone tell me if I do or do not have time to amend it? My understanding is that I have three years upon filed. So if I filed my 2006 return on Feb, 2007 does that mean I have until Feb of 2010 to file an amended return?

Answer 1

You have until at least April 15th, 2010 to amend the 2006 form 1040. It is three years from the filing deadline...not the date filed.



If you want more specifics, then:



The IRS generally gives taxpayers three years after the original return's filing date to make any changes with a Form 1040X. If you filed early, you get three years from the return's due date to correct any errors.



Your window to amend closes a bit if you didn't pay all the tax you owed when you filed. In this case, you must revise your return within two years of the day that you finally paid your full bill to Uncle Sam. If, however, the two-years-since-payment date arrives after the standard three-year time limit, the IRS says you can amend your return using the deadline that comes later. Similarly, if you paid your taxes late, but not that late, and the three-year grace period provides you more revision time, you can use it. -- care of Bankrate.com



(Extra: I have no idea why I got a thumbs down. What is said is 100% truth. I learned it during my Masters in Tax degree at Villanova. I suppose some yahoo (no pun intended) wants to disagree. If you paid mortgage interest, you are referring to a 1098. You must file (letter must be postmarked) the ameded return by the deadline I mention above. If you file it one day late, you will not get anything back from the IRS.)

Answer 2

Use the tax tables for the year the return applies to. 2006 for 2006, 2007 for 2007.

Answer 3

Hey, amend that return and it can make a substantial difference than when you first filed in 07. You have until April 15, 2010 to amend it.

Answer 4

The 3 year rule only applies if you are due a refund. Since we are talking about income there is no 3 year rule. The longer you wait the more you will owe as penalties and interest for late payment of tax will continue to accrue until you file the amended return and pay the tax due. If the difference in your income is more than 20%, the IRS has six years to assess the additional tax.



More than likely you will be receiving a CP2000 letter from the IRS almost any day now. You are right in the "sweet spot" for that. They will assess the tax plus any penalties and interest. You can minimize the damage by filing the amended return ASAP and paying the tax. The IRS will bill you for the penalties and interest and give you about 30 days to pay it before they start compounding the amounts due.

Answer 5

Yes, you still have until April 15, 2010 to amend your 2006. You may have to pay penalty and interest if you owed taxes on 2006. Has the IRS sent a letter yet in regards to the income you did not claim?

Answer 6

Dear JL: Does the 1099 make a difference? I am surprised the IRS hasn't written to you before now, but yes you can amend '06 until Apr. 15 of 2010.



This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor