topic Can I hold off on amending my my last years taxes, and do this years taxes as normal? in After you file

Can I hold off on amending my my last years taxes, and do this years taxes as normal?

kycobaby — Tue, 04 Jun 2019 23:14:42 GMT

I plan to amend later in the year because I don't have the money to pay back right now.

You can, but just be aware you'll owe interest and possib...

JohnW15 — Tue, 04 Jun 2019 23:14:43 GMT

You can, but just be aware you'll owe interest and possibly a penalty on any balance that you owe resulting from your amended return, and those will grow until you file and pay.

Please see IRS Topic Number 308 - Amended Returns for more information on penalties and interest.

Thank you for your answer. Does that interest begin when...

kycobaby — Tue, 04 Jun 2019 23:14:44 GMT

Thank you for your answer. Does that interest begin when I amend 2017 taxes, example I amend them now then the interest begins that moment until I pay them back Or lets say I amend them at the end of the year for 2017 and they back charge the interest? I hope I'm not being confusing? I owe $2,000 I made a mistake on my taxes that is at a very expensive cost now.

No, I think I get what you're asking. They accrue from t...

JohnW15 — Tue, 04 Jun 2019 23:14:46 GMT

No, I think I get what you're asking. They accrue from the time the original return was due -- for 2017, that was April 17th, 2018.

Do you know how the interest is accrued or an idea amount...

kycobaby — Tue, 04 Jun 2019 23:14:47 GMT

Do you know how the interest is accrued or an idea amount or percentage? I'm nervous... of which way to go because I was told if I amend I have to pay asap and no payment option and now this years taxes from all my family and friends didn't get what they normally get and many had to owe.

Check out this IRS link: https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest">https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest</a>

Ok great thank you kindly. Have a nice day.

kycobaby — Tue, 04 Jun 2019 23:14:49 GMT

Ok great thank you kindly. Have a nice day.

You bet, hope I helped.

JohnW15 — Tue, 04 Jun 2019 23:14:50 GMT

You bet, hope I helped.