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Failed to use annualized income method and received a penalty
I used Turbo tax to file my taxes and received a penalty for not sending estimated taxes the first three quarters even though taxes were withheld on income for the first 3 quarters. I failed to use an annualized income method. I did a 401k rollover to Roth in December and paid the estimated tax on the rollover in the 4 quarter on time. I filed a 1040x but have received a notice that the “IRS can not change the tax penalty because it is based on the tax shown on the original return”.
I overpaid my total tax liability and got a refund. Is it legal for the government to keep the penalty money if I did an amended return of my taxes?
Thank you.
December 31, 2024
7:46 PM