Margaret CPA in OH Posted March 24, 2014 Report Share Posted March 24, 2014 I sort of recall that if the tax change on the federal return is less than $50, no change is needed. I hope that is correct. In reviewing a return for a 92 year old client, really pretty sharp still!, I realized that I had a transposition error on the Qualified Dividends. When I got back from the nursing home and changed it, the tax difference is $46. I really don't want to take the 2 hours+ to go back, explain and have him sign again.Someone please confirm my memory or smack me upside the head (gently) for making such a stupid error. Quote Link to comment Share on other sites More sharing options...
David1980 Posted March 24, 2014 Report Share Posted March 24, 2014 Federal AGI $50 or federal tax $14. Sounds like your change is more than $14 tax so you'll need a new 8879. Taxpayers must sign a new declaration if the electronic return data on individual income tax returns is changed after taxpayers signed the Declaration of Taxpayer and the amounts differ by more than either $50 to “Total income” or “AGI,” or $14 to “Total tax,” “Federal income tax withheld,” “Refund,” or “Amount you owe.” 1 Quote Link to comment Share on other sites More sharing options...
Margaret CPA in OH Posted March 24, 2014 Author Report Share Posted March 24, 2014 Curses! But thanks - see self kick in the butt here... I recalled $50 but not in the right place. Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted March 24, 2014 Report Share Posted March 24, 2014 I believe you are right, Margaret. Here is an excerpt from an IRS article: Taxpayers must sign a new declaration if the electronic return data on individual income tax returns is changed after taxpayers signed the Declaration of Taxpayer and the amounts differ by more than either $50 to "Total income" or "AGI," or $14 to "Total tax," "Federal income tax withheld," "Refund" or "Amount you owe."' Here's the link tot he article: http://www.irs.gov/uac/Signing-an-Electronic-Tax-Return Quote Link to comment Share on other sites More sharing options...
SCL Posted March 31, 2014 Report Share Posted March 31, 2014 hey joe... I'm on my way...way down south to mexico. I could even be a bit more than over...+$50 inc &/or $14 tax, LOL!!!! . Quote Link to comment Share on other sites More sharing options...
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