topic Paying penalties on amendment in Get your taxes done using TurboTax

Paying penalties on amendment

An2425 — Mon, 03 Feb 2025 02:45:12 GMT

If I file my amendment after due date, can I find the penalties I owe and pay that at same time? If so, where do I put that?

Re: Paying penalties on amendment

Mike9241 — Mon, 03 Feb 2025 03:05:05 GMT

No. TurboTax does not compute late payment, late filing or interest on such penalties. you'll get a bill from the iRS. you can always pay extra

Re: Paying penalties on amendment

An2425 — Mon, 03 Feb 2025 03:11:21 GMT

Thanks, @Mike9241 ! What are the rules for penalties so we can estimate it? Where can I find that?

Re: Paying penalties on amendment

Mike9241 — Mon, 03 Feb 2025 03:18:35 GMT

late filing penalties should not apply since those are dependent on the timely filing of the original original return FYI 4.5% for a maximum of 5 months

late payment penalty .5 % a month unlimited

interest varies.

there may be calculators on the web, but you are unlikely to match the iRS amount

Re: Paying penalties on amendment

An2425 — Mon, 03 Feb 2025 03:28:36 GMT

Follow up question @Mike9241 . Let’s say you file in march. However you notice that you missed something and want to file amendment. If your original file is still processing, but you don’t want to incur interest (the 4.5% you mention), can you pay early (before April 15th), and send in the amendment after the original was approved? Would that mean no interest would apply if they can see you paid by the due date? Hope you can follow what I mean!

Re: Paying penalties on amendment

Mike9241 — Mon, 03 Feb 2025 03:47:40 GMT

if your return is still processing you should not file an amended return at this time.

what year are we talking about? you could not have filed a 2024 return because March has not happened yet.

if you are asking about your 2023 return which you filed in March 2024, you should contact the iRS. It normally shouldn't take almost a year to process. This could mean the IRS may have found something wrong with your return and now a human is probably reviewing it. changes could be made which means any amended return you file now, might need to be amended again to reflect IRS changes.

Re: Paying penalties on amendment

An2425 — Mon, 03 Feb 2025 03:52:01 GMT

No, I’m talking about hypothetical for this year (doing a project on this topic). Say, If you find out you missed something this year, but your original return isn’t processed yet, can you submit payment for the amount you know you missed (but can’t file the actual amendment yet). Or do you have to wait to make the additional payment until the original in approved and you have mailed in the amended.