The Ultimate Filing Tax Amendments Quiz

By: Staff

4 Min Quiz

Image: refer to hsw

About This Quiz

Don't take chances and ignore mistakes on your income taxes. Interest on taxes due starts accruing after the April deadline, so use Form 1040X to amend your errors as soon as possible. Take this quiz and calculate how much you know about filing income tax amendments.

Which of the following is a reason to file a 1040X?

There are many reasons to file a 1040X. Filing status changes and reporting additional income are both situations where a 1040X will be necessary.

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Does the IRS examine the 1040X more than a regular 1040?

No one knows for sure. Try to be accurate the first time and avoid filing a 1040X.

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What is the purpose of Form 1040X?

The 1040X amends incorrect information on your previously filed tax return.

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When does interest start accruing on unpaid taxes?

Interest starts accruing after the filing deadline.

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What should you do if you made a math error on your 1040?

Do not file a 1040X, the IRS will recalculate and notify you if a change in your taxes has occurred.

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If you were filing by the April 2008 deadline, for what tax year were you filing a return?

2007

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How can you file a 1040X?

The 1040X must be filed by regular mail.

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How long can I wait to file an amended 1040?

For most filers, you should file the return within three years from the filing deadline. If you did not pay your taxes in full by the filing date, then you would have two years from the date you completed the tax payment. The IRS will accept whichever date is later.

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You just found a misplaced W-2. Why shouldn't you just ignore this extra income?

It is illegal to evade taxes. Also, you will owe interest and possibly penalties on the unpaid taxes, so the sooner you make the correction the better for you.

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Where should you explain why an error occurred?

On the Form 1040X, you will have an opportunity to explain the error, be as detailed as possible.

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If you owe additional taxes on the 1040X, when should you send in the money?

Mail a check for the taxes due with the 1040X.

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If the changes on 1040X will affect the calculations on another form, what should I do?

You will need to file 1040X and any other forms or schedules that have changed as a result of new entries.

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If you increase the amount of your itemized deductions, you will need to file 1040X and what other form?

You will need to fill out an amended Schedule A and include with the Form 1040X.

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What will happen if the IRS needs more information about my amendments?

You can be sure the IRS will contact you with a request for more information.

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Where can you get a 1040X form?

All of the IRS forms are available online. Go to IRS.gov for forms and instructions.

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What celebrity was convicted of tax fraud?

More than one famous person have been convicted of tax fraud. Wesley Snipes was convicted of three counts of not filing taxes. He began his three-year prison sentence on December 9, 2010.

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What should you do if you filed your taxes by the deadline and one month later you get W-2 form?

Although it was not your fault, you will still need to file a 1040X and pay any additional taxes due. In the explanation section, you might note the date you received the W-2.

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What is the purpose of 1040X?

1040X amends any mistakes to your 1040.

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Does the IRS keep track of W-2s?

Businesses are required to report wages paid.

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Does the IRS keep track of payments to independent contractors?

It is the responsibility of businesses to report all independent contractor wages.

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