Over paid in Tax return, what should I do?

Question

It's that time of the year, I decided to do my taxes early this year and submitted my tax return last week. As I'm going through my rental leases today, I realized I forgot about a one month vacancy in one of my properties and have falsely reported one extra month of rental income on my 2019 tax return.

I had a net profit for my combined rental properties in 2019 and overpaying for income which I didn't make hurts!!

So what should I do? I already got my state tax return back. Can I deduct it from my 2020 income? thanks!

-Jack

Anthony Wick · Answer

@Jack Zhuang

What kind of dollars we talking here? Seems like people are describing a lot of work and effort for very little different.

Account Closed · Answer

@Jack Zhuang and this is why using a CPA or tax pro saves you more money in the long run.

You should be able to file a amendment to your return and get the right amount back.

I would say interview some folks And find a CPA that works with you.  Good luck

Michael Plaks · Answer

@Jack Zhuang

You cannot fix it by including the difference on your next year taxes. You need to file an amended tax return for 2019 - Form 1040X.

And your description makes me think that you do not have a bookkeeping system in place. This can lead to many other mistakes on your taxes.

Kevin DeVargas · Answer

@Jack Zhuang

If you decide to amend or superseding the return you will still have to mail them in.

The Devil is in the details. Please let make sure you do the following.

• ·         Please pay extra for express mail and receipt confirmations.
• ·         Attach all required forms, schedules and attachments
• ·         If Supersededs return please check the Superseded Return checkbox
• ·         If your software does not provide the Superseding options please indicate that on the forms.

I hope this helps let me know if you have any other questions.

Good luck.

Jack Zhuang · Answer

Well, at least I filed early this year and still have time to fix this...

Jack Zhuang · Answer

Thanks for all the advice everyone. Sounds like I need to file an amendment if I want to correct my return. I'm going to get a CPA for sure for next year just to get everything straight. It's not worth saving a few bucks and losing a few thousand. Lesson learned!!

Christopher Smith · Answer

Just correct all the errors on your 2019 return that you have already filed and then file it again before the due date, as noted it will be treated as your originally filed return.

Eamonn McElroy · Answer

Don't need to file an amended tax return...

File a "superseding" tax return before 4/15.  It will have to be paper filed.

Hopefully your software provider will be willing and/or able to help you.

Best of luck.

Over paid in Tax return, what should I do?

Most Popular Reply