Instructions For Form Ct-1 X - 2010 (Page 3 of 9) in pdf

Due dates. The due date for filing Form CT-1 X to qualify for

For purposes of the period of limitations, Form CT-1 is

interest-free adjustments for underpayments and overpayments

considered filed on the last day in February of the succeeding

depends on when you discover an error and if you

year if filed before that date.

underreported or overreported tax. If you underreported tax,

Example. You filed your 2008 Form CT-1 on January 28,

see Underreported tax below. For overreported amounts, you

2009, and payments were timely made. (The IRS treats the

may choose to either make an interest-free adjustment or file a

return as if it were filed on February 28, 2009.) On January 20,

claim for refund or abatement. If you are correcting

2012, you discover that you overreported RRTA compensation

overreported amounts, see Overreported tax — credit or

on that form by $10,000. To correct the error you must file Form

Overreported tax — claim below. If any due date falls on a

CT-1 X by February 29, 2012, which is the end of the period of

Saturday, Sunday, or legal holiday, you may file Form CT-1 X

limitations, and use the claim process.

on the next business day. If we receive Form CT-1 X after the

due date, we will treat Form CT-1 X as filed on time if the

If you file Form CT-1 X to correct overreported amounts

envelope containing Form CT-1 X is properly addressed,

in the last 90 days of a period of limitations (after

contains sufficient postage, and is postmarked by the U.S.

November 30, 2011, in the example above), you must

CAUTION

Postal Service on or before the due date, or sent by an

use the claim process. You cannot use the adjustment process.

IRS-designated private delivery service on or before the due

If you also are correcting underreported amounts, you must use

date. If you do not follow these guidelines, we will consider

the adjustment process to file another Form CT-1 X to correct

Form CT-1 X filed when it is actually received. See Pub. 15

the underreported amounts only and pay any tax due.

(Circular E) for more information on IRS-designated private

delivery services.

Where Should You File Form CT-1 X?

Underreported tax. If you are correcting underreported tax,

Send your completed Form CT-1 X to:

you must file Form CT-1 X by the due date of the return for the

Department of the Treasury

return period in which you discovered the error and pay the

Internal Revenue Service Center

amount you owe when you file. Filing and paying on time

Cincinnati, OH 45999-0007

generally will ensure that your correction is interest free and not

subject to failure-to-pay or failure-to-deposit penalties. See

How Should You Complete Form

What About Penalties and Interest? on page 3.

Example — You owe tax. On March 11, 2011, you discover

CT-1 X?

that you underreported $1,000 of RRTA compensation on your

2009 Form CT-1. File Form CT-1 X and pay the amount you

Use One Form CT-1 X for Each Year You Are

owe by February 29, 2012, because you discovered the error in

Correcting

2011, and February 29, 2012, is the due date for that year. If

you file Form CT-1 X before February 29, 2012, pay the amount

Use a separate Form CT-1 X for each Form CT-1 that you are

you owe when you file.

correcting. For example, if you found errors on your Forms

CT-1 for 2008 and 2009, file one Form CT-1 X to correct the

Overreported tax — credit. If you overreported tax on Form

2008 Form CT-1. File a second Form CT-1 X to correct the

CT-1 and choose to apply the credit to Form CT-1, file Form

2009 Form CT-1.

CT-1 X as soon as possible after you discover the error but

more than 90 days before the period of limitations on credit or

EIN, Name, and Address

refund for Form CT-1 expires. See Is There a Deadline for

Enter your EIN, name, and address in the spaces provided.

Filing Form CT-1 X? below.

Also enter your name and EIN on the top of pages 2 and 3, and

Example — You want your credit applied to Form CT-1.

on any attachments. If your address has changed since you

You filed and paid your 2009 Form CT-1 on February 26, 2010.

filed your Form CT-1, enter the corrected information and the

On May 3, 2010, you discover that you overreported tax on your

IRS will update your address of record.

2009 Form CT-1. You file Form CT-1 X on June 1, 2010. The

IRS treats your credit as a tax deposit made on January 1,

Return You Are Correcting

2010. When you file your 2010 Form CT-1, include the amount

Enter the calendar year of the Form CT-1 you are correcting at

from line 17 of Form CT-1 X on line 14 (“Total railroad

the top of page 1. Enter the calendar year on pages 2 and 3

retirement tax deposits”) of your 2010 Form CT-1.

and on any attachments.

Overreported tax — claim. If you overreported tax on Form

Enter the Date You Discovered Errors

CT-1, you may choose to file a claim for refund or abatement on

Form CT-1 X any time before the period of limitations on credit

You must enter the date you discovered errors. If you are

or refund expires on Form CT-1. (If you need to correct any

reporting several errors that you discovered at different times,

underreported amounts, you must file another Form CT-1 X

enter the earliest date you discovered them here. On line 20

reporting only corrections to the underreported amounts.) See

report any subsequent dates and related errors.

Is There a Deadline for Filing Form CT-1 X? below.

Must You Make an Entry on Each Line?

If you discovered an error on or before December 31,

You must provide all of the information requested at the top of

TIP

2008, but did not report it as a line adjustment on Form

page 1 of Form CT-1 X. You must check one box (but not both)

CT-1 for any year ended before 2009 and did not file a

in Part 1. You must check the box on line 3 and any boxes that

claim (Form 843), use Form CT-1 X to correct the error. File

apply on lines 4 and 5. In Part 3, if any line does not apply,

Form CT-1 X for the year in which you made the error.

leave it blank. Complete Parts 4 and 5 as instructed.

Is There a Deadline for Filing Form

How Should You Report Negative Amounts?

Form CT-1 X uses negative numbers to show reductions in tax

CT-1 X?

(credits) and positive numbers to show additional tax (amounts

you owe).

Generally, you may correct overreported taxes on a previously

filed Form CT-1 if you file Form CT-1 X within 3 years of the

When reporting a negative amount in columns 3 and 4, use

date Form CT-1 was filed or 2 years from the date you paid the

a minus sign instead of parentheses. For example, enter

tax reported on Form CT-1, whichever is later. You may correct

“-10.59” instead of “(10.59).” However, if you are completing the

underreported taxes on a previously filed Form CT-1 if you file

return on your computer and your software only allows you to

Form CT-1 X within 3 years of the date the Form CT-1 was

use parentheses to report negative amounts, you may use

filed. We call each of these time frames a “period of limitations.”

them.

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Instructions for Form CT-1 X (2010)

Instructions For Form Ct-1 X - 2010 Page 3

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