Will I be charged interest?

[sweetsuzyq]

When I filed my taxes I accidentally put myself as HOH status instead of single due to me not realizing that my son that's living with me was earning too much to qualify for dependent (other). I'm about to file my 1040X and instead of the $1500+ refund that I was given, I now have to pay $1733 back to the IRS ($166 + the refund).

My question is will the IRS now give me a penalty and ask me to pay interest?
Secondly, can I do a payment plan and pay it off monthly over 36 months without interest etc?

Thanks for your help and advice!



 

[Mike9241]

if your son was under 19 and not a full-time student or under 24 and a full-time  (5 months during the year) student at the end of the tax year, his earnings don't matter. You can claim him as a dependent. 

if you're amending 2023 or earlier, there will probably be penalties and interest.  Wait for the bill. It will give you payment options.  

e-filing of 2024 returns is not scheduled to open until 1/29/2025

[fanfare]

Penalties:
1040-x Line 16: Subtract any penalty from the amount you owe reported on original 1040.
Don't try to include, but ignore, any new or changed penalty.

IRS will calculate your new penalty on their own and will bill you.

[fanfare]

Do not include your old 1040 nor your revised 1040 because the Form 1040-X reflects any changes there and becomes your new tax return.

Include any new/corrected document only if it shows federal tax withheld, and include in order only those Sequence Numbered tax forms and Schedules that changed or were added due to your amendment.

@sweetsuzyq