March 2009 Archives

Breaking the silence here to just say that I've spent 12 at least 14 hours this weekend preparing 3 amended Federal tax returns (2005, 2006, 2007) and 3 amended State tax returns (2005, 2006, 2007). Changes to the Federal tax returns resulted in changes to the State tax returns.

I found the problem last weekend and researched what needed to be done: For each year, file a Form 1040x with an amended Form 1040 and revised schedules, and file a Form 540x with an amended Form 540 and revised schedules. 6 sets of paperwork. 6 manila envelopes.

I can't believe I forgot to deduct the property taxes on our home for the past 3 years! And, while preparing the amended forms, I discovered I didn't deduct on our 2006 Federal return the 2005 State taxes paid with our 2006 State tax return. So, that was added to amended 2006 returns.

I'm filing our 2008 tax returns based on info in the originally-filed 2007 returns, so I'll need to file amended 2008 tax returns after April 15. I think I'll wait until after we hear back from the IRS and Franchise Tax Board about our 3 years of amended returns to file the amended 2008 tax returns.

FairTax anyone? Count me in.