Amending this year's return?

[Basement_Buzzard]

May return has been filed and accepted. But I have not sent the IRS their money or the 8949 needed. Now the rules governing crypto have changed and are reflected in TT. The bottom line is I now owe less tax. What do I do?

[ErnieS0]

You can file a second amended income tax return. Once that is accepted, you can pay the IRS the amount owed on the second amended return.

The most recent accepted amended return will trump all previous returns.

[Basement_Buzzard]

I have NOT yet sent any amended return. The forms are not yet available according to TT.

I completed my 2021 tax returns (Fed & state), filed it thru TT  and had it accepted by Feds & State.

An update to TT reflects a change in the tax laws that means my return needs to be amended. Question is do I pay the higher tax now and then amend or what?

[DawnC]

Your tax bill for the original return is due by 04/18/22.   You can make payments directly to the IRS and your state taxing authority.   For federal payments, visit Pay Online - IRS

If you complete the amendment before the tax due date, you can submit the lower amount when you do pay.   You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment.   If you file the amendment any time after you make the payment, the IRS will refund you the difference once they process your amended return.    Or, you can wait to pay the lower amount until you do the amended return.   As long as you pay what you owe by 04/18/22, you won't have an issue.  

How to amend (change or correct) a return you've already filed