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04/22/2013

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Kristine Merritt

I would like a comment to my email address too please.
For amendments, what about a roof portion covered out of pocket for damage that was covered by Insurance but not all of the roof? Is the portion we covered out of pocket deductible as a 1 year repair and in the year we paid it or the next? Is it a 100% or a time space items? There is still one portion not done yet as well.

sabrina

My tax preparer calculated my self employment wrong, she put more money than I made. What should I do?

Tom

If you have already filed your taxes, ask your tax preparer to amend your tax return using Form 1040X. If she hasn't filed your form, ask her to change the number.

Lorrie Johnson

My tax preparer FORGOT to put my direct deposit information for my federal refund..what should I do. I went to Irs and they said they have to mail my refund now.

Tom

Nothing you can do, unfortunately, but wait for the mail.

Tony

Mistakenly I forgot to send the second w2 form that I am supposed to send. Now I get a refund around $500. But when you calculate the total income with all the w2 forms I get a refund around $200. Do I have to pay a penalty?

Tom

You should amend your tax return and file the second W2. You will pay a small penalty, but not much.

Rebecca

I never received a tax form from Fidelity back in 2013 and I had withdrawn aprox 2000.00 from my IRA account. Because of this, I have received a bill from the IRS in the amount of 2016.00. Why am I being asked to pay the IRS the amount I withdrew, when it was my money I put in and if I send in a 1040X form, will that change the amount I owe? I understand there will be penalties, I just don't understand why I am being billed for the full amount I withdrew.

Tom

If you are younger than age 59 1/2 you will owe a 10% penalty when withdrawing money from an IRA. You will also have to pay tax on any interest your investment earned when in your IRA. You got a tax deduction when you invested in the IRA (unless it was a Roth IRA), so that's why you have to pay tax on money to withdraw. I don't know how the IRS determined that you owed as much as you did. I would contact them directly to find out.

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