I use a tax program to prepare my taxes, since I have a bunch of interest and dividend stuff that's pretty confusing. Of course, tax on it isn't generally withheld automatically, so I usually owe taxes.
This year, though, I spotted a $2000 credit for buying a low-emission vehicle, naming the car I'd bought as one of the examples that qualified. That pushed me barely over into refund territory. Yay! So I wrote everything up, e-filed, and figured I was done for the year.
Until suddenly, in the shower this morning, I realized that I bought my hybrid in late December 2003, which means I wasn't actually eligible for the tax credit. Gaaaah!
So now I have to file a '1040X' to correct the problem, and a huge check for the difference between the refund I'm getting and the amount I'll actually have to pay, and maybe a bill for penalties, although I think if I get the correction in before April 15th I'm okay. Hopefully, the tax program (Tax Cut) has 1040X as one of the forms it can send in, otherwise I'll have to fill one out by hand. Yuck. >.<
At least it looks like I still won't owe enough to need to make estimated tax payments. I hate (and usually forget) those.
This year, though, I spotted a $2000 credit for buying a low-emission vehicle, naming the car I'd bought as one of the examples that qualified. That pushed me barely over into refund territory. Yay! So I wrote everything up, e-filed, and figured I was done for the year.
Until suddenly, in the shower this morning, I realized that I bought my hybrid in late December 2003, which means I wasn't actually eligible for the tax credit. Gaaaah!
So now I have to file a '1040X' to correct the problem, and a huge check for the difference between the refund I'm getting and the amount I'll actually have to pay, and maybe a bill for penalties, although I think if I get the correction in before April 15th I'm okay. Hopefully, the tax program (Tax Cut) has 1040X as one of the forms it can send in, otherwise I'll have to fill one out by hand. Yuck. >.<
At least it looks like I still won't owe enough to need to make estimated tax payments. I hate (and usually forget) those.