My co-applicant accidentally used the incorrect form to file his taxes in 2006. He had a small amount of 1099 earnings (approx. 00), and used the 1040EZ form instead of the 1040 form that is supposed to be used with 1099 earnings. We now know that you are not supposed to use the 1040EZ form for 1099 earnings. We reckon that this means that he didn’t pay medicare and social security taxes for this part of his income. Is this something that the underwriter will deny our loan for? Will they just make him amend his 2006 filing and pay the balance? This wasn’t done on purpose, and he did file the taxes, just on the incorrect form. Do we need to worry that we will be denied the loan because of this? Everything else that we know of is perfectly fine with regards to our application.
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I doubt an underwriter would deny you for this. An amended return may have to be filed, but I don’t even reckon that will happen.
I wouldn’t worry about something that hasn’t occurred yet.