OT: US Federal tax question (a bit long, but HELP!)

OT: US Federal tax question (a bit long, but HELP!)

Post by Anastasia Luetteck » Wed, 11 Feb 2009 11:12:53



Hey, all!  I've been lurking for awhile, since teaching takes up an
inordinate amount of time and what little free time I have has been spent
learning to play the harp, my favorite instrument.  I always pop in every
few days to see what's going on, though, and laugh with Polly, Leslie, and
the rest of you all.  It's so nice to peek in and find friendly folks.

So here's my dilemma:  I finished grad school in May of 2008 with my degree.
That means I paid tuition to a qualifying educational institution in 2008
and can claim the lifetime learning credit.  That school did, in fact, send
me a 1098-T form declaring a certain amount was paid.  I used the amount
listed on that form to do my federal taxes, which I mailed last Monday.

NOW, however, the school has sent an email telling us that the 1098-T they
sent was wrong, and that they had mistakenly already put that 2008 amount on
our 2007 1098-T forms, so we already declared it as a deduction last year.

I know I have to file an amended return. But how long do I have? The IRS
website says three years, two years, or until April 15, but the forms all
seem to discuss amending the 2007 return.

I've never lied on my taxes and have prided myself on doing them without
having to call in a tax professional.  But this fiasco has shaken me up. I'm
furious at the school for causing me to lose out on the refund amount I had
originally figured (and budgeted for).

Sorry for bringing this decidedly boring topic to the quilting frame, but
I'm at a loss and you all are always so helpful, I figured I'd try here
first!

Anastasia

--who could spit nails at the University of Missouri at St. Louis right now.

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Polly Esthe » Wed, 11 Feb 2009 11:43:42


Depends on whether or not you're nominated for Secretary of the Treasury.
Sounds like an honest mistake to me.  Polly


Quote:
> Hey, all!  I've been lurking for awhile, since teaching takes up an
> inordinate amount of time and what little free time I have has been spent
> learning to play the harp, my favorite instrument.  I always pop in every
> few days to see what's going on, though, and laugh with Polly, Leslie, and
> the rest of you all.  It's so nice to peek in and find friendly folks.

> So here's my dilemma:  I finished grad school in May of 2008 with my
> degree. That means I paid tuition to a qualifying educational institution
> in 2008 and can claim the lifetime learning credit.  That school did, in
> fact, send me a 1098-T form declaring a certain amount was paid.  I used
> the amount listed on that form to do my federal taxes, which I mailed last
> Monday.

> NOW, however, the school has sent an email telling us that the 1098-T they
> sent was wrong, and that they had mistakenly already put that 2008 amount
> on our 2007 1098-T forms, so we already declared it as a deduction last
> year.

> I know I have to file an amended return. But how long do I have? The IRS
> website says three years, two years, or until April 15, but the forms all
> seem to discuss amending the 2007 return.

> I've never lied on my taxes and have prided myself on doing them without
> having to call in a tax professional.  But this fiasco has shaken me up.
> I'm furious at the school for causing me to lose out on the refund amount
> I had originally figured (and budgeted for).

> Sorry for bringing this decidedly boring topic to the quilting frame, but
> I'm at a loss and you all are always so helpful, I figured I'd try here
> first!

> Anastasia

> --who could spit nails at the University of Missouri at St. Louis right
> now.


 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Anastasia Luetteck » Wed, 11 Feb 2009 12:01:39


Yeah, but the school will be reporting this new information to the IRS. At
least that's what the 1098T form I already received says...

Anastasia

--who is de-stressing via "Fairy Dance" and "Mairi's Wedding", neither of
which is being played very well right now.

"Polly Esther" wrote

Quote:
> Depends on whether or not you're nominated for Secretary of the Treasury.
> Sounds like an honest mistake to me.  Polly

> "Anastasia Luettecke"

>> I know I have to file an amended return. But how long do I have? The IRS
>> website says three years, two years, or until April 15, but the forms all
>> seem to discuss amending the 2007 return.

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Tari » Wed, 11 Feb 2009 12:03:08


...or your last name is Daschle.  I am no tax 'no it all' but a simple
amendment should do the trick.
COngrats for all your hard work through school. That is a wonderful
accomplishment as long as your degree wasn't involved in accounting
there!
Taria
Quote:

> Depends on whether or not you're nominated for Secretary of the Treasury.
> Sounds like an honest mistake to me.  Polly



>>Hey, all!  I've been lurking for awhile, since teaching takes up an
>>inordinate amount of time and what little free time I have has been spent
>>learning to play the harp, my favorite instrument.  I always pop in every
>>few days to see what's going on, though, and laugh with Polly, Leslie, and
>>the rest of you all.  It's so nice to peek in and find friendly folks.

>>So here's my dilemma:  I finished grad school in May of 2008 with my
>>degree. That means I paid tuition to a qualifying educational institution
>>in 2008 and can claim the lifetime learning credit.  That school did, in
>>fact, send me a 1098-T form declaring a certain amount was paid.  I used
>>the amount listed on that form to do my federal taxes, which I mailed last
>>Monday.

>>NOW, however, the school has sent an email telling us that the 1098-T they
>>sent was wrong, and that they had mistakenly already put that 2008 amount
>>on our 2007 1098-T forms, so we already declared it as a deduction last
>>year.

>>I know I have to file an amended return. But how long do I have? The IRS
>>website says three years, two years, or until April 15, but the forms all
>>seem to discuss amending the 2007 return.

>>I've never lied on my taxes and have prided myself on doing them without
>>having to call in a tax professional.  But this fiasco has shaken me up.
>>I'm furious at the school for causing me to lose out on the refund amount
>>I had originally figured (and budgeted for).

>>Sorry for bringing this decidedly boring topic to the quilting frame, but
>>I'm at a loss and you all are always so helpful, I figured I'd try here
>>first!

>>Anastasia

>>--who could spit nails at the University of Missouri at St. Louis right
>>now.

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Sunn » Wed, 11 Feb 2009 12:37:35


I would find an accountant who could help unravel all the IRS stuff.
Notice my total lack of vocabulary on this subject. Taxes scare me. I
just figure the IRS is like Vegas: the house always wins

Sunny

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by jeanne-nzlstar » Wed, 11 Feb 2009 17:00:08


one year, dont ask which cuz i forget now, i sent in a provisional tax
return with my provisional tax $ cheque included.
i had 3 years (ending april 15th on the third year) to send in the proper
one and still be able to claim any refund if i'd sent too much. i was pretty
sure i had sent too much as i didnt want to have to worry i'd be short. i
upped the amount i figured it would be cuz i really had no idea how to do
taxes. just followed the tax form as best i could til i could get over there
to get them done.
i'd say you've nothing to worry about.
i think if you call the IRS and ask they'd tell you the same thing.
maybe calling H & R Block with a simple question you could also get a quick
answer to ease your mind.
i think your more than ok on the amendment that is only one year back.
i now have 3 yrs of returns to do and i probably have to fly over there to
get them done. i really am sick of flying back just for that. a days travel
to get there for a few hours then another days travel to get back home.
there has to be a better way. sigh...
j.

Quote:
"Anastasia Luettecke" wrote...

Hey, all!  I've been lurking for awhile, since teaching takes up an
inordinate amount of time and what little free time I have has been spent
learning to play the harp, my favorite instrument.  I always pop in every
few days to see what's going on, though, and laugh with Polly, Leslie, and
the rest of you all.  It's so nice to peek in and find friendly folks.

So here's my dilemma:  I finished grad school in May of 2008 with my degree.
That means I paid tuition to a qualifying educational institution in 2008
and can claim the lifetime learning credit.  That school did, in fact, send
me a 1098-T form declaring a certain amount was paid.  I used the amount
listed on that form to do my federal taxes, which I mailed last Monday.

NOW, however, the school has sent an email telling us that the 1098-T they
sent was wrong, and that they had mistakenly already put that 2008 amount on
our 2007 1098-T forms, so we already declared it as a deduction last year.

I know I have to file an amended return. But how long do I have? The IRS
website says three years, two years, or until April 15, but the forms all
seem to discuss amending the 2007 return.

I've never lied on my taxes and have prided myself on doing them without
having to call in a tax professional.  But this fiasco has shaken me up. I'm
furious at the school for causing me to lose out on the refund amount I had
originally figured (and budgeted for).

Sorry for bringing this decidedly boring topic to the quilting frame, but
I'm at a loss and you all are always so helpful, I figured I'd try here
first!

Anastasia

--who could spit nails at the University of Missouri at St. Louis right now.

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Kate XXXXX » Wed, 11 Feb 2009 18:21:58


Quote:

> Hey, all!  I've been lurking for awhile, since teaching takes up an
> inordinate amount of time and what little free time I have has been spent
> learning to play the harp, my favorite instrument.  I always pop in every
> few days to see what's going on, though, and laugh with Polly, Leslie, and
> the rest of you all.  It's so nice to peek in and find friendly folks.

> So here's my dilemma:  I finished grad school in May of 2008 with my degree.
> That means I paid tuition to a qualifying educational institution in 2008
> and can claim the lifetime learning credit.  That school did, in fact, send
> me a 1098-T form declaring a certain amount was paid.  I used the amount
> listed on that form to do my federal taxes, which I mailed last Monday.

> NOW, however, the school has sent an email telling us that the 1098-T they
> sent was wrong, and that they had mistakenly already put that 2008 amount on
> our 2007 1098-T forms, so we already declared it as a deduction last year.

> I know I have to file an amended return. But how long do I have? The IRS
> website says three years, two years, or until April 15, but the forms all
> seem to discuss amending the 2007 return.

> I've never lied on my taxes and have prided myself on doing them without
> having to call in a tax professional.  But this fiasco has shaken me up. I'm
> furious at the school for causing me to lose out on the refund amount I had
> originally figured (and budgeted for).

> Sorry for bringing this decidedly boring topic to the quilting frame, but
> I'm at a loss and you all are always so helpful, I figured I'd try here
> first!

> Anastasia

> --who could spit nails at the University of Missouri at St. Louis right now.

Ring the tax office and ask them.  It's a plain and honest error, and
one you didn not make.  I bet there's a helpline number for sorting out
just this sort of thing.

--
Kate  XXXXXX  R.C.T.Q Madame Chef des Trolls
Lady Catherine, Wardrobe *** of the Chocolate Buttons
http://www.FoundCollection.com/
Click on Kate's Pages and explore!

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Robert » Wed, 11 Feb 2009 20:27:34


Seems like you could go to IRS.gov and ask. Although IME you get a
different answer for every person you consult. Conclusion: probably
nobody really knows!
Roberta in D

On Mon, 9 Feb 2009 20:12:53 -0600, "Anastasia Luettecke"

Quote:

>Hey, all!  I've been lurking for awhile, since teaching takes up an
>inordinate amount of time and what little free time I have has been spent
>learning to play the harp, my favorite instrument.  I always pop in every
>few days to see what's going on, though, and laugh with Polly, Leslie, and
>the rest of you all.  It's so nice to peek in and find friendly folks.

>So here's my dilemma:  I finished grad school in May of 2008 with my degree.
>That means I paid tuition to a qualifying educational institution in 2008
>and can claim the lifetime learning credit.  That school did, in fact, send
>me a 1098-T form declaring a certain amount was paid.  I used the amount
>listed on that form to do my federal taxes, which I mailed last Monday.

>NOW, however, the school has sent an email telling us that the 1098-T they
>sent was wrong, and that they had mistakenly already put that 2008 amount on
>our 2007 1098-T forms, so we already declared it as a deduction last year.

>I know I have to file an amended return. But how long do I have? The IRS
>website says three years, two years, or until April 15, but the forms all
>seem to discuss amending the 2007 return.

>I've never lied on my taxes and have prided myself on doing them without
>having to call in a tax professional.  But this fiasco has shaken me up. I'm
>furious at the school for causing me to lose out on the refund amount I had
>originally figured (and budgeted for).

>Sorry for bringing this decidedly boring topic to the quilting frame, but
>I'm at a loss and you all are always so helpful, I figured I'd try here
>first!

>Anastasia

>--who could spit nails at the University of Missouri at St. Louis right now.

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Maureen Woznia » Wed, 11 Feb 2009 22:44:01


On Mon, 9 Feb 2009 20:12:53 -0600, Anastasia Luettecke wrote

Quote:
> Hey, all!  I've been lurking for awhile, since teaching takes up an
> inordinate amount of time and what little free time I have has been spent
> learning to play the harp, my favorite instrument.  I always pop in every
> few days to see what's going on, though, and laugh with Polly, Leslie, and
> the rest of you all.  It's so nice to peek in and find friendly folks.

> So here's my dilemma:  I finished grad school in May of 2008 with my degree.
> That means I paid tuition to a qualifying educational institution in 2008
> and can claim the lifetime learning credit.  That school did, in fact, send
> me a 1098-T form declaring a certain amount was paid.  I used the amount
> listed on that form to do my federal taxes, which I mailed last Monday.

> NOW, however, the school has sent an email telling us that the 1098-T they
> sent was wrong, and that they had mistakenly already put that 2008 amount on
> our 2007 1098-T forms, so we already declared it as a deduction last year.

> I know I have to file an amended return. But how long do I have? The IRS
> website says three years, two years, or until April 15, but the forms all
> seem to discuss amending the 2007 return.

> I've never lied on my taxes and have prided myself on doing them without
> having to call in a tax professional.  But this fiasco has shaken me up. I'm
> furious at the school for causing me to lose out on the refund amount I had
> originally figured (and budgeted for).

> Sorry for bringing this decidedly boring topic to the quilting frame, but
> I'm at a loss and you all are always so helpful, I figured I'd try here
> first!

> Anastasia

> --who could spit nails at the University of Missouri at St. Louis right now.

To be safe, I'd probably do it sooner rather than later.  But this may be a
situation where you want to talk to accountant or other tax expert.

Maureen

 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Bobbie Sews Mor » Wed, 11 Feb 2009 23:21:21


Just go to the nearest tax office----you probably could ask someone at the
school or city government where it is--and go there to get someone to help
you in just a few minutes.  Be sure to take your copy of you 2008 AND 2007
taxes with you.   That way, you know things are correct.  If it were me, I
would go within the next 4 or 5 months, or after the April 15th rush,  but
yes, you have a couple of years to do it.  Go early in the morning so you
won't have to wait in line so long.  When you go in the door they have one
of those "take a number" and wait things.  For them, this isn't a big deal.
Also, there are volunteers at the local library to help you---they are there
to help low income and retired people--- but they probably won't have the
ammended form and you will need to take 2 of them, one for each year.
Barbara in FL who used to work with the Block people
 
 
 

OT: US Federal tax question (a bit long, but HELP!)

Post by Aunt » Wed, 11 Feb 2009 23:33:07



Quote:
> Hey, all! ?I've been lurking for awhile, since teaching takes up an
> inordinate amount of time and what little free time I have has been spent
> learning to play the harp, my favorite instrument. ?I always pop in every
> few days to see what's going on, though, and laugh with Polly, Leslie, and
> the rest of you all. ?It's so nice to peek in and find friendly folks.

> So here's my dilemma: ?I finished grad school in May of 2008 with my degree.
> That means I paid tuition to a qualifying educational institution in 2008
> and can claim the lifetime learning credit. ?That school did, in fact, send
> me a 1098-T form declaring a certain amount was paid. ?I used the amount
> listed on that form to do my federal taxes, which I mailed last Monday.

> NOW, however, the school has sent an email telling us that the 1098-T they
> sent was wrong, and that they had mistakenly already put that 2008 amount on
> our 2007 1098-T forms, so we already declared it as a deduction last year.

> I know I have to file an amended return. But how long do I have? The IRS
> website says three years, two years, or until April 15, but the forms all
> seem to discuss amending the 2007 return.

> I've never lied on my taxes and have prided myself on doing them without
> having to call in a tax professional. ?But this fiasco has shaken me up. I'm
> furious at the school for causing me to lose out on the refund amount I had
> originally figured (and budgeted for).

> Sorry for bringing this decidedly boring topic to the quilting frame, but
> I'm at a loss and you all are always so helpful, I figured I'd try here
> first!

> Anastasia

> --who could spit nails at the University of Missouri at St. Louis right now.

Anastasia - I'm no expert by any means but have been doing our taxes
for many moons now - some not very easy.  You can download the 1040
admendment form from the IRS site, make the corrections and be on your
way.  I would do it sooner rather than later.  Depending on your
income for last year, the refund you may get from last year's amended
return may offset the up-charge you have on this year's return - ya
just never know.  Or, you could just wait.  When the IRS gets the
revised 1098 amount, they will re-calculate your taxes for the current
year.  They may/may not re-calculate for last year.  I'd just do the
amended return and call it a day.

I'm a little less generous than Sunny in my opinion of the IRS -
instead of likening them to Las Vegas, I refer to them as their own
Gestapo.  The only rules/laws they need to follow are their own.  I
have a very healthy fear of them.  But I've made plenty of mistakes
with ours over the years (from simple arithmetic errors to not putting
amounts in the correct spots - cuz as somone else said - you get
different answers from different people even at the IRS) and as long
as you pay them what they say you owe - no big deal.

Good luck!

Kim in NJ
waiting not very patiently for DH's family business taxes to be
completed so I can do our personal taxes!