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| *Loan,banking and credit>>>tax year |
Can you take a tax deduction you forgot to the prior year? |
I forgot to include an itemized deduction I could have taken in 2007-can I use it when I file in 2008. You cannot take the deduction on the return for a subsequent return. You can amend the return on which you should have taken the deduction. To do this, file form 1040X, which you can obtain at www.irs.gov. You should receive a refund of the difference between what you paid for the year for which you should have taken the deduction and what you would have paid if you had taken the deduction. You can file the amended return now. You do not have to wait until 2008. We haven't filed 2007 yet......I think that you meant 2006. No. If you missed something, you can go back and amend the return using Form 1040X plus the related state form if applicable. No, you have to take any deduction in the year that it occurs. What you can do is file an amended return with the IRS. Contact the IRS at your nearest IRS office or via this website: www.irs.gov No, you can only deduct items in the year you paid them. But you can amend your 2006 return to include it. Sorry, but 2007 itemized deductions have to be claimed on 2007 tax return. They have to be claimed in the year they were paid. The good news is that you can correct the 2007 return by filing an amended return (1040X). By the way. Do you maybe mean the 2006 return that you filed in 2007? 2007 hasn't ended yet, so you couldn't have filed a 2007 tax return yet. If so, still same procedure as above, just substitute 2006 for where I had 2007. |
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