Looking to get some guidance on the procedure process for filing an amendment to my personal tax return for the year 2021. I know there are two filing periods that you can make these amended tax return returns within, but need more on the specifics of the procedure to get it done for 4 years back.
The only amendment I’m making to my 2021 tax return is to re-categorizing a $90,000 loan that was improperly earmarked as income for that year that was a loan arms length between two family members. I have a promissory note signed by each party so I don’t believe this will be contested but the difference on categorizing that 90,000 will result in either $20,000 payment requirement due to the IRS (if it remains income) or no payment requirement due to the IRS (if it is deemed a loan).
Posted by AromaticMost1068