No 2020 refund, what to pay for estimated taxes

[procrastinator55a]

So this is stressful. TurboTax 2020 would not allow electronic filing if you had pass through tax credit. So…rather than waiting (supposedly many extra months if return mailed in) , I said to heck with it…I need my refund and can amend down the road. So, 6 months after electronic filing, still  no refund. Now I think I have no choice but to file an amended return claiming my pass through credits, plus apply my refund to 2021. It will require being mailed in. But irs website has a note to not file amended return until refund received. I do not feel comfortable sending in additional estimated tax when they owe me over 10k not including the other credit that I did not claim ( only to expedite my refund is why I did not claim it.) Any ideas? I will be filing an extension again. I had sent in more than usual as I had sold a condo, so have to pay capital gains and a small amount of recapture tax. I don’t have the funds to send in additional taxes at this point. I don’t have retirement to speak of…just my rental income. Now if you try to check on the wheresmyrefund it is addressing only 2021 returns and says that there is no information available for your 2020 return. 

[JulieS]

While it is best to wait until you receive your original refund, there is a limit to how long you should have to wait.

Since it has been over six months, as long as your return was e-filed and accepted, it shouldn't be a problem to amend your 2020 tax return now. 

You may be able to get some information about your 2020 tax return by checking your tax return transcript on IRS.gov.

Click here to get started.

[fanfare]

are you wanting to amend for an additional refund that you can apply to 2021?

By the time 1040-X is processed it will be far past April 18th and you will be late paying 2021 amount you owe.

eventually it will reconcile (assuming your 1040-X is correct and approved) but you will still likely have a late payment penalty and interest.

[procrastinator55a]

Yes…which sticks as I am not getting a late payment toward my money being held by them, I may have to pay an estimate to avoid late fees,  but will still amend in Oder to receive the pass through credit I was entitled to that I did not claim in hopes of expediting my refund. 

[Vanessa A]

Actually, most of the time when the IRS issues a refund more than 45 days, they include interest on the refund they send you.  

[fanfare]

how to collect interest on your refund.

file short,

then amend to get your refund,

since it takes ten months to process you get nine months interest.

IRS has set the interest rate at 4% this year, that's better than you can get in a bank.

[procrastinator55a]

Can you explain it a bit more? Are they actually paying interest now on the refunds that are owed and is there a link regarding this? That would be a relief.

[procrastinator55a]

Thanks so much for that information. 🙂