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posted Jun 4, 2019 7:33:09 PM

What happens if I e-file with an error (missing tax ID on owner-financed interest)

My audit risk is "low" according to the software.  Should I e-file, or print and mail?  Which reduces my chance of being audited?  

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1 Replies
Level 3
Jun 4, 2019 7:33:11 PM

In the worst case, the IRS will send you a request for this missing tax ID no. I would not expect any penalties if you return the info promptly. Your other option is to file an amended return (Form 1040X) with the missing tax ID no. included. Unfortunately, an amended return must be filed via snail mail.