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Level 2
posted Apr 29, 2022 8:19:56 AM

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?

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1 Best answer
Level 15
Apr 29, 2022 8:30:44 AM

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.

 

2 Replies
Level 15
Apr 29, 2022 8:23:38 AM

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. 

Level 15
Apr 29, 2022 8:30:44 AM

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.