Hello
Guest

Sponsored Links


Topic: Filed taxes... ahh Help  (Read 1352 times)

0 Members and 1 Guest are viewing this topic.

  • *
  • Posts: 60

  • Liked: 0
  • Joined: Dec 2006
  • Location: Cambridgeshire
Filed taxes... ahh Help
« on: March 07, 2008, 03:07:35 PM »
HI!

So I efiled my taxes 2 weeks ago and I just got in the post today... "important tax document"  It was my retirement fund form 1099-R.

I don't know what to do now that my taxes have already been filed.

Please help!!

Thank you!


  • *
  • Posts: 386

  • Death and taxes: I'd rather pay tax than be dead.
    • British American Tax
  • Liked: 0
  • Joined: Jul 2005
  • Location: London
Re: Filed taxes... ahh Help
« Reply #1 on: March 07, 2008, 07:50:43 PM »
File Form 1040X and amend to include the additional income.  This is a paper return.
Liz Z i t z o w, EA
British American Tax


  • *
  • Posts: 60

  • Liked: 0
  • Joined: Dec 2006
  • Location: Cambridgeshire
Re: Filed taxes... ahh Help
« Reply #2 on: March 10, 2008, 02:53:43 PM »
Thanks for the response!


  • *
  • Posts: 60

  • Liked: 0
  • Joined: Dec 2006
  • Location: Cambridgeshire
Re: Filed taxes... ahh Help
« Reply #3 on: March 10, 2008, 05:53:41 PM »
if the amount is below the $8750(single) min for filing taxes... do I really have to worry about filing this 1040x?


  • *
  • Posts: 386

  • Death and taxes: I'd rather pay tax than be dead.
    • British American Tax
  • Liked: 0
  • Joined: Jul 2005
  • Location: London
Re: Filed taxes... ahh Help
« Reply #4 on: March 11, 2008, 07:28:57 AM »
I assume the 1099-R isn't coded "G". If it's coded "G", you don't have to file an amended return.

Assuming it's not a code "G" 1099-R, the answer is Yes.  The IRS will notice and fix anything over $50.  If you do not amend, they will amend on your behalf and send you a bill. The post being what it is, you might not get the first, second, or even third version of the bill.  You could end up with a lien or levy on your remaining US assets.  They can and will garnish your pension payments and social security payments.  Letting this slide could destroy your US credit rating.  Take responsibility and fix your mistake.

As you live here, I assume you are remitting your pension funds here.  Thus, you are taxed here on the pension, which means the US-source pension is resourced as UK on Form 1116.  When you amend, you will need to also amend 1116.  This may be difficult; you may want to hire someone to help you with this.

Warning to all:  If you don't get a statement in the post by the date you're expecting it, it doesn't mean it isn't coming or that it hasn't been lost in the post.  Always keep track of all income you receive each year, and if you don't get a statement, call the provider and find out what happened to it.
Liz Z i t z o w, EA
British American Tax


  • *
  • Posts: 60

  • Liked: 0
  • Joined: Dec 2006
  • Location: Cambridgeshire
Re: Filed taxes... ahh Help
« Reply #5 on: March 14, 2008, 12:01:51 PM »
Well I cancelled my retirement plan and took the money before I moved to the uk... there wasn't much in it, I was just starting it. So I don't have a form 1116.

I will double check the code 'g' thing, I didn't see any 'g' on there.

I am assuming that since the 1099-R stated on the form that there was taxes withheld, that I don't owe anything to them since I didn't make over the $8,750?! not sure

I will file the 1040x, just really looked confusing to me.


  • *
  • Posts: 6665

    • York Interweb
  • Liked: 8
  • Joined: Sep 2004
  • Location: York
Re: Filed taxes... ahh Help
« Reply #6 on: March 14, 2008, 01:37:55 PM »
If there were taxes withheld, it is probably a good idea to file, because you might end up getting some money back.


  • *
  • Posts: 60

  • Liked: 0
  • Joined: Dec 2006
  • Location: Cambridgeshire
Re: Filed taxes... ahh Help
« Reply #7 on: March 14, 2008, 09:27:10 PM »
Thanks for the help... had some connections on the military base and spoke to the tax office there and they are going to help me file the 1040x! :)


Sponsored Links