Should I go ahead and amend my return since I have already received my refund. My extra tax I owe is $195 which isn't a whole lot. Or should I just wait and see what happens? I've heard that the IRS will send out a CP2000 stating my income wasn't correct and I'll owe x amount. If it's likely I'll receive the CP2000, I would rather just wait for it and pay it then rather then amending. Is that reasonable?
Yes, you can indeed wait for IRS communication, however, remember that if they send this two years from now and you owe taxes, you will no longer be paying $195, you will be paying a lot more due to penalties and interest. You can complete the amendment once you have received your refund and pay at that time. But either way is ok as you have three years to complete an amendment. If you choose to do the amendment, you will be able in Turbo Tax by selecting the year you would like to amend in the link below.
https://ttlc.intuit.com/replies/3288565
Yes, you can indeed wait for IRS communication, however, remember that if they send this two years from now and you owe taxes, you will no longer be paying $195, you will be paying a lot more due to penalties and interest. You can complete the amendment once you have received your refund and pay at that time. But either way is ok as you have three years to complete an amendment. If you choose to do the amendment, you will be able in Turbo Tax by selecting the year you would like to amend in the link below.
https://ttlc.intuit.com/replies/3288565
Can you tell me when the IRS would contact me if they find it this year? Would it be before the deadline when taxes are due?
I am sorry, but no one can predict this. It could be months or it could be years or not at all.