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.

Economic Impact Payments

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?

1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

Economic Impact Payments

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.

 

View solution in original post

2 Replies

Economic Impact Payments

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
Level 15
Level 15

Economic Impact Payments

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.

 

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies