hi,
I found some income wasn't reported in the last year's return and I need to amend my return. Since I owe some tax, I will need to pay the interest/penalty, and I'm trying to figure out the rough amount that I need to pay.
The document says the penalty for not filing in time is 5% a month, but I wonder what is considered "not filing in time". Is filing the original return in time but amending it many months later considered "not filing in time" because I failed to report some income in the original return ?
In the hypothetical scenario that I amend the return(note the original return was filed in time) and I owe $600 with the amendment, and 11 months past due date. What would be the penalty, interest, other than the tax I owe ?
I'd appreciate if you could comment.
