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Do I have to fill out an amended tax return (1040X) even if the changes don't affect the amount of tax owed?
I took advantage of the rule that allows you to gift more than 12k in a year by considering it spread over 5 years (as long as you don't gift to them in the next 4 years). I just found out that I should have filed a form 709 (gift tax return) each year. Unfortunately TurboTax doesn't support that form, so it didn't tell me I needed it. Should I do an amended return (1040X) for that, even though it doesn't change the tax owed?
2 Answers
- Anonymous1 decade agoFavorite Answer
Dear PG: By all means do an amended return to CYA on the form 709. Since the 709 is just info ( but important info ) the IRS may allow you to simply send in your original return with a copy of the 709 attached. Call 800-829-1040. Maintain a copy for your records forever.
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
- Anonymous4 years ago
it fairly is to small to rigidity approximately, and in case you get an audit they are going to amend your return and not something differences. I also have a chum who shall we the IRS audit him fairly than pay somebody to do his taxes. For him it fairly is exciting.