@iamkit wrote:
I already paid my due, so from now I'll just have to wait? its been like 3 months now
Let me clarify first.
You filed a 2019 tax return using 2018 information and it was accepted. You owed tax and made the payment. You have no income for 2019(?) You never filed a 2018 tax return using 2018 information(??)
If you never filed a 2018 return using 2018 information, you need to do that right away. If you owe tax, you will have to pay it as soon as you can, even though you are eventually expecting money back for 2019. You will need to purchase Turbotax 2018 version to download and install on your computer. You can't e-file, you can file by mail. Use a mail service with tracking and proof of delivery.
Consumer tax software like Turbotax can't e-file a 2018 tax return, but a professional tax preparer can e-file last year's return. If you are in a hurry to get it filed, you can pay the extra for professional service. I'm not sure it's worth it.
To correct your 2019 return, you have two possible courses of action.
1. Wait and see if the IRS contacts you. They should, because of the mismatch between your 2018 income documents (like a W-2) and the 2019 tax return. You will explain what happened, and send them a correct 2019 tax return, even if it shows all zero income, so that they will know to refund the payment you mistakenly made.
2. Or, you can file an amended 2019 tax return in which you change it to report the correct wages. If your correct 2019 tax bill is zero, the amended return will claim a refund of the amount you mistakenly paid. If you wait a couple of weeks, Turbotax may be able to e-file the amended return for you. (However, Turbotax can't e-file a regular return with zero income, you have to print and mail it in. So I don't know if you will be able to e-file an amended return with zero income.)
E-filing of amended returns was just turned on by the IRS and we think it will be 2-4 weeks for Turbotax to be updated to e-file amended returns but we haven't been officially told when it will happen.
The better solution is #1 so that everything with fixing 2019 happens in order and you don't accidentally cause more problems such as filing the amended return to one office while a different office is investigating the first mistaken return. However, if you are in a hurry, and if the system allows you to e-file the amended 2019 return, that would also be a way you could go. Realistically, it will be at least 6 months before you can expect to get a refund of the incorrect amount you paid for 2019, and you still need to pay the 2018 amount as soon as you can.
Turbotax 2018 version will tell you that you owe a penalty for late payment. If the program gives you the option of not calculating the penalty, take that option (don't pay the penalty). When the IRS bills you for the penalty and interest, and if you never owed a penalty before, you can request a first time waiver of the penalty. (The interest can't be waived but it will be recalculated if the penalty is reduced.)
https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief
