Another Amendment

[sedtax]

Hello, everyone! I e-filed a 2021 amendment last week for gambling winnings/losses I didn’t know you had to report (I know, dumb). I just discovered $1,000 more (ugh). Is it ok to wait until this amendment has been processed to file another one? That appears to be the recommendation. It seems like it could take five-six months. I won’t be risking audit or any penalties by waiting, right? I just want to do the right thing.

[bluedeb · Accepted solution]

You can wait to amend until the first amendment is processed.  If you owe money with the second amended return, then you will incur a penalty and interest until the taxes owed are paid in full.

If you want to wait to amend your return for the second time, you can pay any amount you owe on the IRS website for payments.

https://www.irs.gov/payments

If your Federal amended returns affects your State return, you would need to also amend your State return.  If you owe taxes on your State return, you can pay on your State's website.

[sedtax]

Hello @bluedeb ! Thank you. Do I have to wait until the amendment I filed last week is processed to file another one?

[bluedeb]

No, you can go ahead and do the second amendment.  It would be worth it because if you owe on the second amendment, you would want to pay it as soon as possible.

[Critter-3]

It is unwise to send in a second amended return before the first one is processed but making a payment would be a good idea.   Either way expect both amended returns to take 6 months or longer EACH to be processed. 

[bluedeb]

It is up to them if they want to process their second amended return, sending in a second one should get there after the first one so they may get processed one after the other.  It is better to find out what you owe now, in order to pay taxes owed sooner.

[sedtax]

Thank you @bluedeb @Critter-3 ,

I will not owe money on my next amendment, but I would like to report as soon as possible. It stresses me out to know that I have $1,000 not reported. 

[Critter-3]

If you will not owe on the second amended return then you really should WAIT to file it until the original amendment has been fully processed.  If you send it in too soon it could be lost in the system. 

[bluedeb · Accepted solution]

@sedtax  There is no rule from the IRS that states you have to wait before you can amend a second return.  Waiting 6 months is a long time to wait for the first amended return to be processed.  I don't believe it will get lost in the IRS system.  There is nothing on the IRS website that states you have to wait to file a second amended return and allot of people don't wait because 6 months to wait is a long time. The IRS will process your second amended return as they do the first amended return.

You can e-file your amended returns, which would get to the IRS faster.  If you mail in your amended return make sure you put a tracking on the mailed amended return.

Can a tax return be amended twice?

You can use your opportunity for a tax amendment, or multiple amendments, in order to correct any mistakes. There is no limit to the number of times you can file an amended tax return. However, you must ensure that the amended return is filed within the established time frame in order to avoid penalties.

[bluedeb]

@sedtax  You can check the status of an amended return on the IRS website, it can take a couple months to show on the website.

Where's My Amended Return?

https://www.irs.gov/filing/wheres-my-amended-return

[sedtax]

Thank you for all your help, @bluedeb 

[bluedeb]

@sedtax  Your welcome!  Glad I could help you.