topic Money being owed after i amend my retrun in After you file

Money being owed after i amend my retrun

Btaylor2025_ — Mon, 24 Feb 2025 18:41:39 GMT

I have received my original tax return money. I received a 1099-misc form in the mail which is why i am having to amend my tax return but in amending my tax return in order to file the 1099 it says I now owe both state and federal...why?

Re: Money being owed after i amend my retrun

MinhT1 — Mon, 24 Feb 2025 18:46:38 GMT

The income reported on the 1099-MISC you added is taxable and has resulted in an increased tax liability, compared to your original tax return.

This is why you owe Federal and state taxes when you file your amended return.

Re: Money being owed after i amend my retrun

Btaylor2025_ — Mon, 24 Feb 2025 18:50:58 GMT

So do I have to file it this year? If not what will happen?

Re: Money being owed after i amend my retrun

AnnetteB6 — Mon, 24 Feb 2025 19:08:48 GMT

You do not have to file it this year (you have up to three years to amend your return), but it does have to be filed on your 2024 tax return. You cannot wait and include it on next year's return. Also, since you owe additional taxes, it should be filed before April 15, 2025 to avoid penalties and interest charges.

If the income is not reported on your 2024 return, then you will get a letter from the IRS at some point stating that you did not report all of your income. The letter will show that your return has been adjusted to include the income along with penalties and interest and you will be asked to pay the balance due.

@Btaylor2025_