Cuz I haz a question. I've just completed an amended 2014 return. I had E-filed the original without a form 8938 for foreign assets. The 1040X shows "0" on line 22 for a refund. Am I correct in assuming that means there's no change caused by the amended return, but I'll get the refund owed on the original filing?
Never mind....it took a lot of reading but I eventually found the answer on the IRS site.
I emailed my GF who is a tax accountant. Here is what she said:
He's going to get the refund owed from the original filing no matter what (unless they held it for some reason). I don't understand how if he's reporting foreign assets (assuming he's being taxed on them) and then amending to remove them there wouldn't be a change in tax liability?
You have to report ownership of foreign accounts, in this case Canadian RRSPs (IRA equivalent)even though I made no income from them.In the original filing the electronic filing system didn't generate the required report. I refiled only because I have to send that report or face possible fines of up to $10K. Do I think the IRS would bother? Probably not, but I like to keep things legit.
So, your GF is correct on what line 22 means, but in this instance it will be zero because there is no change to my taxes.
And, thanks for taking the time to find out for me. This forum knows all.
From her:
"Oh I definitely misread it. I thought he was amending to REMOVE the form and I, for the life of me, couldn't figure out why it was included in the first place if it wasn't supposed to be. At the very least you can let him know they'll process the original return as is and he'll get his refund as normal. The amendment actually won't get applied for a couple of months after the fact so it doesn't affect the process the original is already going through."
Just wanted to follow up since she likes tax questions and the exposure to different issues. Hopefuly this is helpful.
It is. I've had to learn something new about US taxes every year since I moved here 15 years ago.
You'll need to log in to post.
