Do I pay amount owed on 1040-X or on 1040?

[cjberrios]

Hello all, hoping to get an idea of what I should do here ( these were all filed this past weekend). Going to use exemplary numbers below:

1. I filed my 1040, and was told to pay $5,000 in federal taxes owed. My 1040 was accepted. No payment was made.
2. I realized I incorrectly entered an income form the next day, so filed an amended return. My total amount due in taxes is $2,000 - I will now be receiving a $3,000 refund. 1040-X was accepted, no payment made yet.

What should I pay before the tax filing deadline? The amended return papers that TurboTax generated state I will be getting a check mailed with the $3,000 refund, and there is also a 1040-V voucher to pay the $2,000 owed. But I am worried that I actually need to pay the original amount of $5,000 to avoid any penalties, since I have read the amended return take up to 20 weeks to process. What should I pay before April 18th?

Thanks so much!

[SForrestLO]

When doing an amended return, the meter should reset to zero (if proper amend steps are done) and may show odd numbers until all of your changes are entered. When you're finished with your changes, the refund meter shows any additional amount owed or refunded to you. This amount is in addition to your original payment or refund shown on your originally filed tax return. 

Amended returns have to be printed and mailed. They can't be e-filed per IRS regulation. It is recommended to wait until the IRS has accepted your initial return and you have received your federal refund before you amend the return. If you've closed out of your amended return, use the steps below to print a copy to mail. We highly recommend you save a copy for your own records in case you need it again in the future.

You can click here for steps on how to amend. https://ttlc.intuit.com/community/amending/help/how-to-amend-change-or-correct-a-return-you-already-...

Once you mail an amended return, it can take up to 3 weeks before it shows up in the IRS's system. So give it that amount of time before you start checking for any updates on it. After 3 weeks, you can check the status here https://www.irs.gov/filing/wheres-my-amended-return

Amended returns can take up to 16 weeks to be processed once they receive it. And you can find a list of frequently asked questions, about amended returns, here https://www.irs.gov/filing/amended-return-frequently-asked-questions

[cjberrios]

I actually e-filed through the turbotax PC desktop version (IRS says you can efile returns from 2019 on). It has already been accepted, and the instructions say not to mail anything in.

My understanding from what I've read here is that I need to pay the original full amount from the 1040 return, and then wait to get the refund on what I overpay once the amended return is processed.

thanks!

[DawnC]

You need to pay the $2000 by 04/18 if that is your net tax bill for 2021.    And you can pay directly through the IRS site.   You should pay the amount due after taking into account the amendment.   

You have already filed, so you are not going to be hit with a late filing penalty.   The only thing you can get hit with is an underpayment penalty.  Underpayment penalties are assessed if you don't withhold or pay enough tax on income received during each quarter.

If you pay the $5k, you will get a $3k refund later.   But you can just pay the correct amount and not have to wait on the IRS.