Submitted too high estimated tax payment, but did not yet hear back from IRS

[ps123]

Hello,

I submitted my tax return  3.5 weeks ago and made a mistake by putting in a too high estimated tax payment (around 35000 too much) as I was not aware that Turbo tax adds it automatically to the return. Upon advise from here:

https://ttlc.intuit.com/community/taxes/discussion/submitted-too-high-estimated-tax-payment/00/30808...

I did not submit an amended return and waited for the IRS to automatically correct my return. So far I did not get a letter from the IRS and on the irs website it says: "We have received your tax return and it is being processed."

As I moved between countries quite a bit of my mail gets lost in the forwarding process and I am worried that the letter from the IRS falls in this group.

Is there another way to inquire if my return was automatically corrected?

Is there a way to ask the IRS if they sent any mail regarding my tax return?

Would you submit an amendment given that no automatic correction has been done so far?

I find this very worrying. Thanks a lot for your help!

[fanfare]

Did you e-File?

you are still within the time frame for standard processing of your return.

Depending on the arithmetic, you will either get a much smaller refund, or more likely, a bill from IRS for the difference.

you can pay the difference now on the Direct Pay page at www.irs.gov

@ps123 

[ps123]

@fanfareThanks a lot! I e-filed. I am a bit worried as my previous returns have typically been accepted within a few days. I will owe a few thousand dollar to the IRS once the mistake is corrected. How long would you wait until you amend the return or contact the IRS? Thank you!

[fanfare]

you made an error, therefor your return is probably being reviewed and that's why it is taking longer.

there no reason to amend.

Pay the difference now to reduce penalties and interest.

[ps123]

@fanfareThank you! How do I pay the difference? The same way I make an estimated tax payment?

Thank you!

[fanfare]

Select "Balance Due" "Income tax"

[taxlady28]

I made about a $12,000 error once and did not realize.  It took about a year and a half before I heard from the IRS.  It just went through their computer system and processed like normal.  Since you know what happened, you are doing the right thing by correcting it now.

[NCperson]

@taxlady28 - the paperwork and the money are separate matters.

appears the OP is concerned they added in the estimated payments made twice, so while the return shows a refund due, the reality is that they owe.

What is suggested is make the payment to cover what in reality is owed NOW so it cuts off any furtherinterest penalties.

the paperwork can be correct and even if it take 18 months to resolve, there shouldn't be any additional interest after the payment is made.  

[taxlady28]

I completely agree.  Sorry if my answer sounded different.

[ps123]

@taxlady28 @fanfare @NCperson Thank you! I payed the tax which I think I will own as balance due and waited with making an amendment.

At what point in time would you contact the IRS about this?

[NCperson]

wait until the original tax return is approved and settled.  it is possible that the IRS sees the same error you do and corrects it and hence no amendment is necessary.  Attempting to amend prior to the IRS approving the original tax return could just confuse things further

there are only penalties if the cash money is incorrect (which you have now corrected, so any interest stops upon payment);

there are no penalties for making a mistake on the income tax form that doesn't cause more money to be owed - and in your case it no longer would require more money owed, so just go on with life - the paperwork will resolve itself eventually. .