If you are going to prepare the returns using the online version of TurboTax, you will have to pay for each return you prepare, whereas you can amend your return for free. There will only be a penalty if you owe tax and the late filing and payment of tax penalty will not show on your tax return, it will be assessed by the IRS and they will send you an invoice. It may be eaiser to amend your return, as you don't have to deal with factoring in your tax rate when preparing the children's tax returns.
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