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Level 1
posted May 17, 2021 6:22:42 PM

Overpayment for "underpayment penalty" in 1040 form after E-file

Just realized underpayment penalty doesn't apply to me due to 1120 form after E-file.

Do I need to file a amendment to get the penalty back ?

There are few relative discussion summary as below:
1. IRS returned a refund check for this overpayment. 
2. Should wait for tax due payment is made and file e-file amendment.

3. Don't need to amend 1040. IRS will do the math automatically and refund. Like this TurboTax Official Guideline 


What's your suggestion or experience for this situation ?

0 1 279
1 Replies
Expert Alumni
May 17, 2021 9:40:20 PM

You should not file an amended return due to a penalty.  If it was just an underpayment penalty the IRS will send you a refund if it did not apply.  If you were assessed another penalty that you don't think is correct, you should contact the IRS about getting the penalty refunded.