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Kalianyia
New Member

Filing amended return, how to calculate penalties and interest

I recently received a corrected 1099 for 2023. I re-did the amended return using 2023 Turbo Tax (Windows desktop version). It shows I owe. I made the e-payment via the IRS site for what it shows I owed. I'm about to mail the amended return in, but I noticed when going through it, that it (Turbo Tax) didn't calculate any penalties or interest.

 

Reviewing my state return (which i also just had to amend), the same situation.

 

What do most people here do? Just file the amended return as is and wait for them to bill you back the penalties or interest? I assume it will take them a few months to send me a bill and guessing they will probably include those extra few months in the penalty and interest calculations. Is there a recommended way to avoid any new penalties / interest (by properly calculating the penalties / interest) due to the delay of waiting for them to send me a new tax bill?

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