IRS adjusted my return in my favor but?

Question

The IRS adjusted something on my tax return, they sent a form and gave me an additional amount of refund, about 220.00. The thing is, I added up my w2s incorrectly and put down more income than I actually made, about the same 220.00 dollars they gave me. So I owe this money back due to my mistake anyhow. Their form did not mention my mis addition issue at all. They used the same total of income as I did by mistake with my poor math skills.
Should I wait to get a notice of my,their mistake, or simply send in an amended form with a check.
This will also affect my State I think.
Do I wait or do I amend, the form to amend is very odd, and filling this form out will probably trigger an audit which is fine, I file 1040 with no credits what so ever so its plain and simple to go into an audit if called into. I just don't want the hassle.
Any opinions on this matter? Thank you.

Answer 1

Since it's a small amount of money, don't worry about it. If you try to fix your-error-their-error with an amended return, you could be pouring gas on the fire.



I'm usually all about making sure you pay the (least) correct amount of tax, but $220 isn't material. Don't worry about it. Keep all your records. If they send you a bill for a few bucks, pay it. If you try to fix it, you might end up keeping a big mess alive that will cost you and the IRS a lot more than a couple hundred bucks trying to untangle it.

Answer 2

Why not just get some practice and play a game with one of the software programs that are available and prepare another return using the correct information and numbers to fill it out correctly and completely and see what the numbers will come out to be at that time and if they match what the IRS has come up with when they changed your 1040 income tax return then you will know that the IRS has it CORRECT and that you did have an error that the IRS corrected for you that increased your REFUND $$$ amount that you received from the IRS and IF you do not try and file this income tax return that you are playing the game with in the computer and DO NOT try to send it to the IRS you should NOT have any trouble or problem by doing this this way for some practice at this time in your life.

Or maybe you could try using the below 2010 estimated tax calculator to see what the numbers might come out to be for this purpose and your situation.



http://www.dinkytown.net/java/Tax10402010.html



1040 Tax Calculator (Tax Year 2010) [Calculator][Definitions]



Enter your filing status, income, deductions and credits and we will estimate your total taxes for 2010. Please note that this calculator uses the finalized 2010 tax tables and includes tax law changes passed as part of the "Tax Hike Prevention Act of 2010"

Hope that you find the above enclosed information useful. 08/01/2011

Answer 3

nicely, if the corporate matters you a 1099 which contain your social secure practices quantity on it, you have have been given a quarterly tax charge due. additionally, there'll be formula with regard to the 0.5-3 hundred and sixty 5 days tax charge, the 0.33 quarter charge and from all which you will calculate no remember in case you have taxes owed on the subsequent tax submitting or (ha, ha, ha) a reimbursement. The 1099 is all they could situation and that they could have your SS quantity. Contractors commonly signed a freelance. you do no longer point out those words. yet, all in all, the IRS is largely a tax workplace.

Answer 4

They found your error. You overstated your income and they caught it because they know what is on your W-2 statements.



By overstating your income, you overestimated your tax due. When they recalculated your income at the amount on the W-2 statements (properly added), you have a lower income and owe less tax.



Hence the larger refund.



No need to ammend. They found your error and corrected it.

Answer 5

Well, if I am reading this right, you put more income the you actually had? That's not gonna constitute you owing more money.



I may be confused though, but I think you should find out what they sent you the money for!!

Answer 6

the error may eventually be found by IRS and if and when they do there will be interest added, which could be two year's amount of interest

it would be wise to amend now and get this taken care of before it amounts to more than your error

Answer 7

Leave it alone, go have a beer on them.