@khurramch079 wrote:
Hi All
lets suppose I owe IRS $10,000 tax year 2022, when I file First penalty abatment, will I get refunded for that amount or what?
kindly let me know
Your questions are so all over the place it is hard to give an answer.
If you owe $10,000 and can't afford to pay, make a partial payment and request a payment plan for the rest. The IRS will automatically add the penalty and interest to the payment plan. If you then request an abatement which is granted, the IRS will adjust the number of payments remaining on your payment plan.
If you owe $10,000 and pay in full when you file your return, and you let Turbotax calculate a penalty that you include with your payment, you can then request an abatement. If granted, the IRS will send a refund.
If you owe $10,000 and pay in full when you file, and you only pay the tax and not the penalty, the IRS will send a bill for the penalty and interest. Apply for the abatement and don't pay the bill. If the abatement is granted, the IRS will send a revised bill for the interest only that removes the penalty.
