How to File Extra Income Taxes
A 1099 or some other tax form arrives in the mail shortly after you have completed your taxes. Your first instinct may be to ignore because it probably won’t make much difference, but that is wrong. The IRS receives the same forms you receive, so they will find it sooner or later. It is better to amend your current tax form as soon as possible to prevent penalties and fees.
- Pick up an amended return form from the post office or library. You can also print out a form at IRS.gov. If you hired a professional tax preparer, you will need to take the new form to the tax preparer. The accountant will take care of the rest. If you used an online program, such as Turbo Tax, you can print an amended form, but it will need to be sent manually, rather than electronically.
- Complete the amended return form. This form is frequently referred to as a 1040X. You will need to provide important information such as your name, address and cell phone number.
- Fill in all required information, showing the change in your taxes. If you are filing this amended form on your own, you will know immediately if this additional form impacts your tax rate, refund or amount owed.
- Enclose the additional money owed, if needed. Your accountant will also let you know how this form changed your tax return.
- Send the amended tax form to the required address. You will need to follow the guidelines and instructions for sending an amended return as stated on the IRS.gov website. The amended return may not be sent to the same address as your original taxes. Specific IRS offices handle amended forms.