It is not too late to file your 2020 amended return. The IRS has three years to assess any additional tax if you are audited.
You should be able to set up an installment plan with the IRS. Interest and penalties apply as long as you have a balance due. If you owe $50,000 or less, you may qualify for a Streamline Installment Agreement. The minimum monthly payment is no less than Balance due $xx./72, which is equivalent to a six-year payment plan.
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