Can I pay for an Amended Return / 1040x before it's filed?

[761419]

Hi,

Is it possible to pay for an Amended Return / 1040x before it's filed? I filed a 1040x for 2020 back in March of this year, and paid my 2021 taxes expecting it to be processed before the extended filing deadline of October 17th, 2022, however it's still being processed and unlikely to meet the deadline. In summary, one of my trades was not imported correctly, so I over-reported my capital loss in 2020, which will result in an under-reporting of my capital gains in 2021 if my 2020 1040x is not processed before I file my 2021 taxes.

Since I know that my 2021 taxes are going to be incorrect, is it possible to ask the IRS to keep my extension payment (which was based on my 2020 1040x being processed)  / pay the additional taxes before I file an amended return for 2021 in order to avoid penalties for under-payment?

I've also read that it could be possible to under-report / forfeit capital losses from the previous year. Could I potentially under-report my 2020 capital loss to match the actual amount on my 2020 1040x in my 2021 taxes? This would allow me to avoid paying any additional taxes / take back what I paid and remove the need to amend my 2021 taxes.

Thanks for the help.

[fanfare · Accepted solution]

"and paid my 2021 taxes expecting it to be processed before the extended filing deadline of October 17th, 2022"

This is the correct action.

Similarly, file 2021 Form 1040 assuming your 1040-X has been processed.

If you want to slow down your 2021 Form 1040, file it on paper via US Mail. That will do it.

You will get behind 5.6 million currently waiting paper returns already ahead of you.

If you are due a refund, this is not advisable.

@761419