1040x

[Gene V]

Big change for Form 1040X

http://www.irs.gov/pub/irs-dft/f1040x--dft.pdf

[erchess]

Thank you Gene

Since you didn't specifically start a discussion of the merits of the new version, I will.

If the form is to be prepared or evaluated on paper including the PDF we have seen then in my opinion there is a need for a spreadsheet not unlike the front page of the current version. If on the other hand all amended returns are to be prepared and evaluated on computers that contain the original return then this form should work swimmingly. I still do very simple amended returns by hand or on a fill in form if I did not prepare the original return. Still things change in every business and may need to give that habit up.

On the other hand I think it makes sense to put the explanation on the front page because the reviewer needs to see it early on. I also think the new format of lines A, B, and C is easier to use.

What say others?

[mblatour]

Imo,

I like it. Of course I'll have to practice one first to really be sure, but it looks pretty straight forward to me. Although I always hope to not have to use any version of this form.

Becky

[Bees Knees]

Basically, it takes out the step where you report what was on the original return (or the latest revision of the original prior to this amendment). All the new form cares about is what you want the return to look like now.

[jimmcg]

Big change for Form 1040X

http://www.irs.gov/pub/irs-dft/f1040x--dft.pdf

Certainly easier for the preparer (or taxpayer)....maybe too easy. Also since the Service hand processes all 1040X's it makes their task a tad more time consuming. Maybe I am old fashioned but I prefer the old format which uses the old "spreadsheet" approach and forces the preparer to look at the "complete picture effect" of the propossed changes.

[BOB W]

Do they have instructions for this form? NYS changed how an amended return is filed> they require a "complete" new return to be attached to the IT-201X.

[Lion]

Thanx for the NY News

I didn't know that about NY. Although, I do have a multi-state update seminar in October to cover CT, NY, NJ, MA, RI, etc. Thank you very much, Bob, for the advance warning.

For anyone wanting a great update on tax prep in the tri-state area and NE, the NY/CT-ATP is hosting an all-day seminar Wednesday 21 October. It includes 2 hours of ethics, also. The location is Bethel, CT, outside of Danbury, convenient to I-84. Contact me or their web site http://nyctatp.org/ for more information.

[taxdude71]

Wisconsin started doing a form like this a few years back. Workers pretty good.

[DonPriebe]

Do they have instructions for this form? NYS changed how an amended return is filed. They require a "complete" new return to be attached to the IT-201X.

One of the hidden pains with that is the the IT-201X and "complete new IT-201" must be paper filed, even if the original IT-201 was e-filed. And a paper filed IT-201 requires additional paper forms that an e-filed IT-201 does not, like a form IT-2 for each W2 and an IT-1099-R if there is any retirement withholding, etc.

[DaveO]

I liked the old one better. Easier to see the changes. I would think this would be harder for the IRS employees to process as well. Just as well since I see the constant changes in the IRS code and endless form revisions as job security.

[David1980]

Simpler in that you don't have to enter the original numbers. I don't see how this would make the IRS job any harder. They're going to input it into a computer anyway, and they would have the old version available. Computer probably automatically calculates the differences between the old return and the new return. So really, there's no data lost that the IRS has on the current 1040X.

[DaveO]

I would agree with you if the IRS had a computer system that worked now. I just answered a CP2000 notice for a taxpayer who made a Qualified Charitable Deduction from their IRA and correctly reported it on an efiled return. So much for efiling to reduce errors.

[BOB W]

One of the hidden pains with that is the the IT-201X and "complete new IT-201" must be paper filed, even if the original IT-201 was e-filed. And a paper filed IT-201 requires additional paper forms that an e-filed IT-201 does not, like a form IT-2 for each W2 and an IT-1099-R if there is any retirement withholding, etc.

Don> Appearently you learned it the hard way like I did...............I never heard a word about this until I filed my first one.....