turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Do I pay interest on amount owed for amended returns?

I just received corrected 1099-R and 5498 forms for 2018.  I amended the return online and now I owe money.  The VA state website says "if your amended return results in additional tax due, interest must be paid on the tax you owe from the due date to the date filed or postmarked."  Is this true and how do I calculate that?  Does this apply to the Federal return as well since I owe for that amended return?

 

I would hope that I wouldn't need to pay interest since I just received the corrected forms which I had no control over.

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
JohnB5677
Expert Alumni

Do I pay interest on amount owed for amended returns?

Yes the Federal and State will charge interest.  You said it was a corrected 1099-R.  If there was any interest it would only be on the difference from the original 1099-R.  It possibly could go the other way and you'd get a refund.

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

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies