- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
There is a whole interview in TT to reduce interest and penalties on amounts owed. You also can annualize your income as the IRS assumes all income was earned evenly throughout the year. Example AGI 100k, IRS assumes it is earned 25k/qtr and est taxes must be paid within each quarter but, let's say it was earned in December so you then annualized your income to reduce the int and penalties,
Again did you enter the amount you already paid with the original return?
Was your new tax liability greater than the amount already withheld and payments made with your original return?
What was your tax liability and interest and penalties on original return?, how much was withheld? How much was due?
Then amended you need to say the amount due was actually paid.
Again did you enter the amount you already paid with the original return?
Was your new tax liability greater than the amount already withheld and payments made with your original return?
What was your tax liability and interest and penalties on original return?, how much was withheld? How much was due?
Then amended you need to say the amount due was actually paid.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
‎April 20, 2024
5:14 PM