Texas-Dallas and Ft. Worth
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Anyone know about tax returns?

So I am 50% owner in one of my parents company...I have nothing to do with it, I am just on the paper. They just got last years tax return back and apparently I was supposed to file something with my tax return. But I've already done it because I didn't know this. I know I have to do an amended return but my tax returns are not simple...I was self employed for over half the year and had 3 other W-9's from temp agencies on there. Has anyone filed an amended return before? Or is someone willing to help me figure it out? I have the latest turbo tax but I haven't looked to see if they help with that...and I'm scared to take it to one of the tax places like H&R Block.

Re: Anyone know about tax returns?

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    appletango85appletango85 member
    First Comment
    edited December 2011
    oh..don't know if this matters...but I won't owe anything extra...if anything they will owe me.
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    edited December 2011
    I've never had to amend but I've done tax returns with more than one job.I want to say when I do mine through turbo tax it asks you if you want to amend the previous years.  The form has an X in it, I think.
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    edited December 2011
    I don't know what legal entity type the company is but it sounds like it was a K-1 that you should have filled out. I would advise you go to the IRS website, you should be able to find and print the necessary amendment forms and its a great source to research any problems.www.IRS.gov
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    edited December 2011
    You will need to file a 1040X. First, I would do another tax return on turbo tax with the missing K-1 on it to get the numbers that should be on your tax return. Keep a copy of the tax return you have previously filed. Then as pp said, go to www.irs.gov and look up the forms that you can fill out online. The 1040X is straight forward, in one column you fill in the amounts from the originally filed return, another column for adjustments (what you forgot to put on originally filed return) and a third column for the adjusted, corrected amounts. The form will take you through what you owe or will be refunded. It may seem intimidating, but it is realy straight forward. Good Luck!
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    appletango85appletango85 member
    First Comment
    edited December 2011
    ugh...it took me about 3 hours to do my first tax return with adding all my deductions up you can take off for self employed...if I have to do that again...I will want to shoot myself in the eye. Thanks for all the info ladies! I really appreciate it :)
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