Process to Request Refund of Penalty

[Csewing]

I paid a interest penalty with with my '24 submission.  At the very end of the year I did a Roth conversion which resulted in me owning tax and created an additional penalty, which I paid.   Since I did the conversion at the very end of the year I'm now thinking I shouldn't be required to pay a penalty and am looking to use TT (Home & Business) to submit a amended return requesting a refund of the penalty.  However I can't figure out how (or if) I can do this in TT and submit electronically.  I can't get the penalty amount to show up in the 1040-X.  Any detail help would be appreciated-thanks.

[Mike9241]

you can't do it through an amended return. 

You can request a refund using Form 843, Claim for Refund and Request for Abatement. You must file the claim within three years of the return due date or filing date, or within two years of the date the penalty was paid. Tutbotax does not do the form and you would have to attach form 2210 page 3  (done through Turbotax) the annualized income installment method.

https://www.irs.gov/site-index-search?search=843&field_pup_historical_1=1&field_pup_historical=1 

[ThomasM125]

Since the penalty does not show up on a schedule on your tax return, there is no way to reflect it on the amended return. In essence the penalty you pay is an estimated amount added on to your tax to compensate for the penalty the IRS will assess when they process the return, sort of like an estimated tax payment. When the IRS processes the amended return they may refund the penalty assessed based on the corrected amount listed on the amended return, but it may take them some time  to notify you of that.

[Csewing]

Form 843 seems pretty straight forward to complete.  Just to confirm I don't also have include the 3rd page of 2210?    I just need to physically mail form 843 by itself-correct?

[Csewing]

Also the 843 form has a question that says:   If the claim or request involves a penalty, enter the Internal Revenue Code section on which the penalty is based (see instructions). 

Do you know what the Revenue Code section would be to indicate on this question?  The options are not listed in the instructions? THanks

[ThomasM125]

You would need to include the Form 2210 if you are protesting a penalty for late payment of tax based on the timing of your receipts in 2024. You would need the third page of Form 2210 to indicate when your receipts occurred during the year. The IRS code section applicable to late payment of tax would 6551. You can file the Form 2210 separately from your return.