Amending 2020 Tax Error

[GetHelpWithMyTax]

Hi

I made an error in my 2020 tax. It’s been more than 3 years now. Can I still file amend. Since this is 1099 form I owe taxes. Is it too late now? Also need to same for state tax too. I haven’t got any notice from irs or state or been audited yet but I don’t want to wait and find out. What type of trouble I’m in ? Penalty/Fines or interest?

thank you for your time. Appreciate it

[xmasbaby0 · Accepted solution]

It is not too late to amend a 2020 return.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

[GetHelpWithMyTax]

Thank you 

Is this accurate?

You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment.

[JohnW152 · Accepted solution]

That's correct, if you're amending to claim a refund.

According to Time for filing a claim for refund in the IRS' Publication 17:

Generally, you must file your claim for a credit or refund within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later. Returns filed before the due date (without regard to extensions) are considered filed on the due date (even if the due date was a Saturday, Sunday, or legal holiday). These time periods are suspended while you are financially disabled, discussed later.

If the last day for claiming a credit or refund is a Saturday, Sunday, or legal holiday, you can file the claim on the next business day.

If you don't file a claim within this period, you may not be entitled to a credit or a refund.

If you're amending and not claiming a refund, you can file beyond that time period.  The government is happy to take the money owed.

Since you're amending after the original due date of the return, and you'll owe money, the IRS will process your amended return and send you a notice for any penalties and interest that are due.

Amended return policies for states are generally fairly close to the IRS', but their terms may vary.

[slowreader]

Gotta love it! One rule for the government, a different rule for the governed.

[GetHelpWithMyTax]

Thank you everyone for quick response

Another question I have is how do I calculate penalty and interest? Is there a worksheet for that or do I just wait for IRS to send me details of what I still owe ?

[DoninGA · Accepted solution]

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@GetHelpWithMyTax wrote:

Thank you everyone for quick response

Another question I have is how do I calculate penalty and interest? Is there a worksheet for that or do I just wait for IRS to send me details of what I still owe ?

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The IRS will send you a bill in the mail for any penalties and interest owed after they receive the tax return.  There is no need for you to calculate that.