@sridharm wrote:
Hi Dana and Champ,
I am getting to ready to take care of this and just amended tax return for Year 2019 in turbo tax online.
Couple of quick questions related to it.
1. We just need to sign Form 1040-X only right ?
2. Print and mail papers starting from 1040-X to Form 5329 from the turbo tax generated amended return pdf
3. Can we pay the penalty (balance due) online www.irs.gov/payments instead including check with
amended return
4. Can we parallelly do the amendment for Year 2020 and send it separately to IRS or we can send the both
the amended tax returns together.
Thank you for huge support and understanding.
Regards,
Sri
1&2. I believe you need to include any forms that changed as a result of the amendment. The 1040-X is a summary, but you have to send anything else that changed. If you prepared a 1040 that shows a change in tax, then you would need to send the 1040-X, the 1040, and the 5329. Sign every place that is indicated (the 1040 and 5329 also require a signature.)
However, if the only thing that changed with your tax return is form 5329, you can file it by itself. You don't need the 1040-X or 1040. Be sure to sign the 5329 where indicated.
3. Yes, you can pay online. Select "2019 amended return" from the reason menu.
I would only pay the tax owed, not any additional penalties and interest for late payment, even if Turbotax suggests it. The IRS may send you a bill for interest and a late payment penalty (since the tax was due April 15, 2020). You will owe the interest, but if there is also a late payment penalty, you can apply for a waiver.
4. Amend 2020 after 2019, because amending 2020 will require updated information from 2019. Once again, if the only thing that changes is form 5329, you can send the 5329 only (be sure to sign it). Send it in a separate envelope. When making the online payment, select "2020 amended return" from the reason menu.
