Hello all! I have to amend my 2020 return because I had excess Roth IRA contributions. I received my 1099-R's this year, which included gains, resulting in my AGI increasing, resulting in my having to take MORE contributions out of my Roth IRA (thus, requiring another 1099-R). I know how much I need to pay in federal taxes (state is a refund due to other corrections).
Can I pay the additional federal taxes I now owe for 2020 via IRS online payment, have the second excess contribution withdrawn from my account, and file only one amended return next year, or do I have to file this first amended return, with payment, then withdraw the additional excess contributions, and file a second amended return?
One issue I see with this is Turbotax Online will not allow me to add an additional payment with a payment date past 12/31/2021.
Generally, for a credit or refund, you must file Form 1040-X within 3 years (including extensions) after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later. If you filed your original return early (for example, March 1 for a calendar year return), your return is considered filed on the due date (generally April 15). However, if you had an extension to file (for example, until October 15) but you filed earlier and we received it on July 1, your return is considered filed on July 1.
Yes, you may pay the additional federal; tax you owe for 2020 using the IRS payment tool. After you remove the excess contribution you may then file one amended tax return.
This TurboTax link https://How do I amend my 2020 return? has information you may find useful.
@naviator2003
@Mike9241 Copy on the 3 year requirement for a refund. I should be fine since I filed my 2020 taxes in 2021 before the deadline. That would give me until 2024 to get all of this straightened out.
@LeonardS Thanks for the reply. How do I input the additional payment into Turbotax? When I try to input an additional payment under Estimated Taxes (to pay what is currently owed), it won't accept a payment date greater than 12/31/2021. I want to make sure when I print my amended return that it shows the correct amount due.