| Title: | Market Investing |
| Moderator: | 2155::michaud |
| Created: | Thu Jan 23 1992 |
| Last Modified: | Thu Jun 05 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1060 |
| Total number of notes: | 10477 |
An IRS question was posed to me by someone who has discovered what he thinks might be a tax error that he made on the order of six years ago. (He was reading the directions on the same form this year that he needed to use six years ago and realized he might have made an error back then. He did check and the wording of the two forms is the same, so its not a case of a changed rule.) What is the IRS's statute of limitatations on things like this? Since this is beyond the range of filing a 1040X, what process does he use? Thanks and I'll certainly pass the answer(s) along... -craig
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 87.1 | Unless it was Fraud... | SSDEVO::RMCLEAN | Mon Mar 02 1992 18:43 | 3 | |
I think that the answer is Tough Luck. You can't do much about it. They certainly will reject a 1040x and unless there was any fraud involved they won't even bother to consider anything back that far. | |||||
| 87.2 | NOTIME::SACKS | Gerald Sacks ZKO2-3/N30 DTN:381-2085 | Tue Mar 03 1992 16:44 | 8 | |
The 1040 instructions say that "generally" a 1040X must be filed within three years. Perhaps there are exceptions to this. I'm pretty sure I once filed more than three years worth of 1040X's, but the rules may have changed. (For the curious, here's what the situation was. A relative had purchased some savings bonds in my name without my knowledge. Interest could be reported either as it accrued, or when the bonds were cashed in. Since I had practically no income for some of those years, I filed amended returns so I could retroactively report the interest as it accrued.) | |||||
| 87.3 | long time? | CSC32::K_BOUCHARD | Ken Bouchard CXO3-2 | Tue May 26 1992 19:15 | 8 |
I think the IRS's statute of limitations is about 10 years.
(officially) Actually,if your friend is a high roller and somhow ran
afoul of the feds,the Irs will get revenge no matter what the length of
time. If your friend is just an ordinary tax-payer like the majority of
us,he should keep his records until ten years is up then forget it. Of
course,this is not official advice. For *that*,call the IRS.
Ken
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