Economic Impact Payments

[OverCat]

I filed my taxes just fine - no problems. Both federal and state were accepted. However, I just learned that the amount of economic impact payments received was incorrect on my federal return. The result is that I will owe additional federal taxes. I don't plan to file an amended return; however, it seems as if I should send an extra payment to the IRS to make up for the shortage. I understand that I can wait until the IRS figures out that I made the mistake and sends me a bill; however, I would like to avoid any penalties or interest. Any suggestions?

[Bsch4477]

To avoid complications with your payment and the IRS adjusting your return at different times it might be better to wait for the IRS to send you the letter requesting payment. 

[rjs · Accepted solution]

At this point you cannot avoid penalties and interest, no matter what you do. The safest thing to do is wait until you hear from the IRS.