I have already done my 2010 taxes. I used turbo tax, filed 1040 long and e filed. Due to the schedule A I am in the category that mine won't even be submitted to the IRS until Feb 14. So my stuff is sitting in received by Turbo Tax status. Meanwhile I received a 1099 misc. from a casino for $825 since then that I totally forgot about. The reason it is a 1099 misc. is because it is from contest/drawings. I contacted Turbo Tax by phone and they said there was no way to retrieve my stuff once it has been transmitted as it is in a secure location waiting for the 14th of Feb. They suggested I just let things take there course and once I receive my refund from the Govt. to file an amended return for the $825 and pay whatever difference I owe.
Hmmm ... $825 doesn't sound like something the govt would sweat you over, but if it's something you want to do as a citizen, then yeah, you can file an amendment some time before, I think, October 15. It's a little bit of a pain, but it will do the trick. The form is 1040X if you want to preview it. You coudl probably fill it out now and wait to submit it until you get your refund.
oh, if you have to pay someone to do the amendments I would just wait for them to send you the bill plus penalties and interest and not worry abotu the amended returns.
For an amount so small and your timeliness and the fact that amended returns aren't due until Oct 15 ... hell, your taxes aren't even due at all until Apr 15 ... I don't think there's a chance in hell you'll have to pay a penalty. And if you did, it would be on the order of a few bucks. My last tax penalty, involving underpayment throughout the year, was about $12, and that dealt with an amount far, far greater than $825.
The good news is that you should receive your refund in plenty of time to do that.
Unless you won the Church lottery and they reprted to the IRS on the 1099-MISC and used the "prizes" box.
If you are in the 10% bracket, then you would owe $82. If its on 1099-MISC in Box 7, you would owe FICA and Medicare tax of an additional $124 +/-.
So, file your 1040x by April 18th. That avoids any additional penalty and interest. (If you owe any already, that doesn't change.)
IF it is gambling income, then the 1040x can include the addtional income, and the additional gambling losses that you haven't claimed yet, and it doesn't cost you anything....
Don't file so early next year.