Is there any penalty for an amendment?
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Level 1

Is there any penalty for an amendment?

Hello,

 

I received a gift from my dad who is a citizen of a foreign country in 2019. I did a quick search back then and I realized I don't have to pay tax on it. Now I was told that I should have disclosed the gift even though it was not taxable. And when I disclose it in my 2020 taxes (as an amendment for my 2019) there will be a penalty.

 

Is that true?  and if yes, how much will be the penalty?

 

Thank you so much for your professional help!

 

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