If someone does mess up any of the forms will there be a warning from the so-called authorities before any fines are imposed?
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Best Answer
Chris has said in his Q&A that you would usually expect a warning.
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Comments
indi
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Great thanks, I have watched all his video I must have missed that part.
I’m submitted one online to irs to pay my mortgage off and I added about 15 thousand to it,am I in trouble?
Donnie, as far as I know, you are ok to keep up to 20% over what your debt amount is and do what you want with it, although I know that amount is debated by some that say not to keep more than 5% and some day 18%, etc.. but most are saying 20% overage is ok to keep. So, if it were me in the first place, I wouldn't put more than 20% over on any debt I am doing a 1099A on, but if you get back more than 20%, then sure, I'd go with Rebecca's suggestion for the rest.
They don't shoot people for making mistakes, chill out.
Also Chris has mentioned to show him before sending and he will tell you if correct.