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Get your taxes done using TurboTax
Depending on when you filed your amended return it takes 16 weeks to process an amended return. If you have unpaid taxes you will receive a penalty for failing to pay the correct amount of tax by the due date. From the IRS website, here is how the penalty is calculated.
Failure to Pay Amount Shown as Tax on Your Return
If you don’t pay the amount shown as tax you owe on your return, we calculate the Failure to Pay Penalty in this way:
- The Failure to Pay Penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won’t exceed 25% of your unpaid taxes.
- If both a Failure to Pay and a Failure to File Penalty are applied in the same month, the Failure to File Penalty will be reduced by the amount of the Failure to Pay Penalty applied in that month. For example, instead of a 5% Failure to File Penalty for the month, we would apply a 4.5% Failure to File Penalty and a 0.5% Failure to Pay Penalty.
- If you filed your tax return on time as an individual and you have an approved payment plan, the Failure to Pay Penalty is reduced to 0.25% per month (or partial month) during your approved payment plan.
- If you don’t pay your tax in 10 days after getting a notice from us with our intent to levy, the Failure to Pay Penalty is 1% per month or partial month.
- We apply full monthly charges, even if you pay your tax in full before the month ends.
Failure to Pay Tax You Didn’t Report on Your Return
If you owe tax that you didn’t report on your return or paid on time, we calculate the Failure to Pay penalty in this way:
- If we find that you owe tax you didn’t report on your return, we’ll send you a notice or letter with the amount due and a due date to pay. Due dates are generally 21 calendar days after we send the notice or 10 business days after we send the notice if the tax amount you owe is $100,000 or more.
- If you don’t pay your tax by the due date in the notice or letter we send to you, the Failure to Pay Penalty is 0.5% of the tax you didn’t pay timely for each month or partial month that you don’t pay after the due date.
- If you filed your tax return on time as an individual and you have an approved payment plan, the Failure to Pay Penalty is reduced to 0.25% per month (or partial month) during your approved payment plan.
- If you don’t pay your tax in 10 days after getting a notice from us with our intent to levy, the Failure to Pay Penalty is 1% per month or partial month.
- We apply full monthly charges, even if you pay your tax in full before the month ends.
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May 24, 2023
11:09 AM