No, you should not be assessed a penalty based on the information that you presented. You will not have to pay money to TurboTax for your amended return, unless you need to upgrade to a higher version to add something. For example, you are adding a business when you only had W2 income on your original return.
You can amend your return in TurboTax after your return has been processed (generally 10-21 days) and you have received your refund, if any.
TurboTax expects the Form 1040X, Amended U.S. Individual Income Tax Return to be available for customers to amend their returns on February 5, 2020.
You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.
Amended returns do not “catch up” to your original return and replace them; they are processed as two separate returns.
Amended returns have to be printed and filed by mail. It can take the IRS up to 12 weeks or longer to process them.
If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it. If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return.
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