Janet thinks that she may have made an error on a Federal income
tax (FIT) return that she filed in a prior year, whereby
she overpaid her FIT. If true, she would be entitled to a FIT
refund if she files a timely amended FIT return claiming the
refund. As she is not familiar with the FIT law, she contacts you
because she would like to read the actual law in this area
that specifies the time by which she must file the amended return
for it to be “timely.” Based on a keyword search in
Checkpoint, identify what IRC section and subsection provides
guidance on the time requirement by which a taxpayer may
claim a refund of an overpayment of FIT attributable to a
previously filed FIT return. Your response should appear as
follows:
§ ______(_____)
Form 1040-X need to be filed to amend the first filed federal income tax return.
Time limit is as follows:
The IRS advises that you generally must file Form 1040X to amend a return within three years from the date you filed your original tax return, or within two years of the date you paid the tax, whichever is later. Be sure to enter the year of the return you are amending at the top of Form 1040X.
Janet thinks that she may have made an error on a Federal income tax (FIT) return...
Comprehensive Income Tax Course: Module 1 4. Randy turned 16 last year and had his first summer job. Even though his parents are claiming him as a dependent he wants to file a return in order to get his refund. He receives his W-2 and decides he can do his own return using form 1040-EZ. Which of the following information is not found on a Form W-2? a) The taxpayer’s Social Security number b) The taxpayer’s wages, tips and other...