Amended Return Help

Hi! I have had trouble finding an answer online for this. When filing my original return, I mistakenly calculated capital gains which resulted in a federal tax bill of over $17k. However, when correcting this on an amended return, we should receive a refund of approx. $3000. I am worried the amended return will not reflect until after taxes are due (we filed the amended return over a month ago and it's still not even showing up on the IRS amended site), should we pay the $17k now? Or wait? Thank you!

posted

Amended returns take a long time to process. Up to 20 weeks according to the IRS. Generally, you should wait until the original return is fully resolved before filing an amended return.

You should pay the $17k in taxes due by April 15th to avoid any late filing penalties. You can pay on directly on the IRS website on the last or near last day if you wish.

Then keep an eye on your amended return here.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"