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    mkreddy77's Avatar
    mkreddy77 Posts: 11, Reputation: 1
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    #1

    Jan 20, 2010, 07:19 PM
    Did not file 1042-S issued for the year 2006
    I have received the 1042-S form with an amount of $2250 (0$ withholding) for the year 2006. I forgot to file this as I was unaware about the 1042-S. But I found this form when I was recently searching my files. Please advice me if I need to file this now. Do I have to pay any penalty for this. I appreciate your help.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Jan 21, 2010, 10:50 AM
    If that is your ONLY income for 2006, it falls BELOW the threshold required to file a tax return.

    If you had OTHER income and filed a return and forgot to add the Form 1042-S income, then an amended return may be required.
    mkreddy77's Avatar
    mkreddy77 Posts: 11, Reputation: 1
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    #3

    Jan 21, 2010, 11:15 AM
    Quote Originally Posted by AtlantaTaxExpert View Post
    If that is your ONLY income for 2006, it falls BELOW the threshold required to file a tax return.

    If you had OTHER income and filed a return and forgot to add the Form 1042-S income, then an amended return may be required.


    I did have w2 for $ 21,000 and I have filed that. I did not file the 1042-S for the 2225 as it arrived late and I did not know what that is. Recently I found it in my old documents and do I really need to file that now as it is already 3 years passed. Please let me know. If I do need, what form should I file.

    Thank you very much.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #4

    Jan 21, 2010, 11:43 AM
    To be truthful, if the IRS has not notified you of the discrepancy by now, they likely will NOT catch the error.

    However, you DO have a legal obligation to amend your 2006 return to add that additional $2,225 and pay the required taxes plus interest. You can request the IRS to waive any penalties, which they likely will do if you come forward on your own to corrrect this error.
    mkreddy77's Avatar
    mkreddy77 Posts: 11, Reputation: 1
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    #5

    Jan 21, 2010, 12:07 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    To be truthful, if the IRS has not notified you of the discrepancy by now, they likely will NOT catch the error.

    However, you DO have a legal obligation to amend your 2006 return to add that additional $2,225 and pay the required taxes plus interest. You can request the IRS to waive any penalties, which they likely will do if you come forward on your own to corrrect this error.

    Thank you very much, Which form do you think can I file. Please tell me.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #6

    Jan 21, 2010, 12:12 PM
    To amend the return, you will use Form 1040X, regardless of how you filed to begin with.
    mkreddy77's Avatar
    mkreddy77 Posts: 11, Reputation: 1
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    #7

    Jan 21, 2010, 12:25 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    To amend the return, you will use Form 1040X, regardless of how you filed to begin with.

    In the amended return, do I need to mention about the W2 or just about the un filed 1042-S.
    Thanks again
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #8

    Jan 21, 2010, 12:32 PM
    No, just address the Form 1042-S, a clear copy of which you will attach to the Form 1040X.
    mkreddy77's Avatar
    mkreddy77 Posts: 11, Reputation: 1
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    #9

    Jan 21, 2010, 01:36 PM
    Quote Originally Posted by AtlantaTaxExpert View Post
    No, just address the Form 1042-S, a clear copy of which you will attach to the Form 1040X.
    Dear Atlanta Tax expert,

    Thank you very much.. and have a great day.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #10

    Jan 25, 2010, 11:36 AM
    Glad to help!
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