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amended returns fiasco PLEASE HELP!!!

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Anonymous
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amended returns fiasco PLEASE HELP!!!

So after over a year of depositing 188$ into an account for a First homebuyer program  im about to close on an FHA loan for a mortgage. Ive provided EVERYTHING the underwriter has asked for; but my tax transcripts although they are filed and it shows they have been filed it does not match my transcript. My loan processor or underwriter im  not sure who are being very specific about this matching. Is there another option to help me close on my home? obviously I have to pay something if my returns dont match due to income and I have no problem paying WHATEVER it is that I have to pay; but telling me they are waiting on that piece of paper to clear me to close is ridiculous. It shows on my tax transcripts that I filed the amended return but the transcripts have not shown updated figures for income. Can someone please help me or give me advice because im so confused. I refuse to believe that is the only option, there are always other ways, maybe my bank just doesnt know other ways to help in a scenario like this and I KNOW I am not the first person to have this situation and will not be the last.

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Anonymous
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Re: amended returns fiasco PLEASE HELP!!!

I just checked all 4 transcripts (return, record of account, account, and wage & income) for both 2014 and 2015 and none of them are updated with the specific changes from my 1040X.  They just show that they were amended and the accounts were updated, but the actual rows for the changes are not updated.  I'm not sure if the IRS even updates them. 

 

 

I just checked their website and they state that once an original refund is submitted they do not update the rows with the amended information.  You will only see the amended information on the record of account, where is lists the account transactions. 

 

"

Q16. My transcript information doesn’t appear to be correct. What should I do?

In some cases, we may have changed the reported figures on the original return you filed due to input errors or incomplete or missing information. If we changed the figures on your return during processing, a tax return transcript will show your original figures, labeled “per return,” and the corrected figures labeled “per computer.” It won’t show amendments or adjustments made to the account after the original return has posted. If you filed an amended return or we adjusted your account after it was processed, request a record of account transcript. If the transcript obtained doesn’t appear to be correct or contains unfamiliar information due to possible identity theft, call us at 800-829-1040."  https://www.irs.gov/individuals/get-transcript-faqs 

 

 

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Anonymous
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Re: amended returns fiasco PLEASE HELP!!!

So what you're saying is that it may or may not even update the figures? I called the IRS yesterday and spoke to the AUR dept. which are their underwriters for tax adjustments and amending taxes and both representatives said that the figures may update or they may not. It will show that i filed them though. So my LP, and UW should be able to work with me hopefully; if not I dont know what to do or if ill lose my earnest money or what. Like I stated in my original post I will pay WHATEVER the penalties are but the people representing  me should not say we cant help you as if all my options are exhausted. 

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