Can I hold off on amending my my last years taxes, and do this years taxes as normal?

[kycobaby]

I plan to amend later in the year because I don't have the money to pay back right now.

[JohnW15]

You can, but just be aware you'll owe interest and possibly a penalty on any balance that you owe resulting from your amended return, and those will grow until you file and pay.

Please see IRS Topic Number 308 - Amended Returns for more information on penalties and interest.

[kycobaby]

Thank you for your answer. Does that interest begin when I amend 2017 taxes, example I amend them now then the interest begins that moment until I pay them back Or lets say I amend them at the end of the year for 2017 and they back charge the interest? I hope I'm not being confusing? I owe $2,000 I made a mistake on my taxes that is at a very expensive cost now.

[JohnW15]

No, I think I get what you're asking.  They accrue from the time the original return was due -- for 2017, that was April 17th, 2018.

[kycobaby]

Do you know how the interest is accrued or an idea amount or percentage? I'm nervous... of which way to go because I was told if I amend I have to pay asap and no payment option and now this years taxes from all my family and friends didn't get what they normally get and many had to owe.

[JohnW15]

Check out this IRS link:  <a rel="nofollow" target="_blank" href="https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest">...>

[kycobaby]

Ok great thank you kindly. Have a nice day.

[JohnW15]

You bet, hope I helped.