Hello all, hoping to get an idea of what I should do here ( these were all filed this past weekend). Going to use exemplary numbers below:
- I filed my 1040, and was told to pay $5,000 in federal taxes owed. My 1040 was accepted. No payment was made.
- I realized I incorrectly entered an income form the next day, so filed an amended return. My total amount due in taxes is $2,000 - I will now be receiving a $3,000 refund. 1040-X was accepted, no payment made yet.
What should I pay before the tax filing deadline? The amended return papers that TurboTax generated state I will be getting a check mailed with the $3,000 refund, and there is also a 1040-V voucher to pay the $2,000 owed. But I am worried that I actually need to pay the original amount of $5,000 to avoid any penalties, since I have read the amended return take up to 20 weeks to process. What should I pay before April 18th?
Thanks so much!
