Waiting for Amended Return to Reduce Amount Owed; Should I wait to file 2024?

[tnsdean]

I owe the IRS but my 2024 tax return will more than cover what I owe. They say I owe about $5K more than I actually owe them. Once they process the amended return I sent over four months ago, the amount I owe will go down. I took out extra in 2024 so my refund will be more than enough to cover the amount due. If I file now, they will take out all I owe, including the extra 5K, and I'll only get a small amount back. I'm also worried that it will take even longer to get what will essentially be a second refund this year when they recalculate what I owe. I don't know if I should file now to clear the past due and then wait for a second refund, or wait to file to get the full amount I should receive for 2024. Is there any advantage to doing one or the other?

[fanfare]

"Once they process the amended return I sent over four months ago, "

 I hope you are talking about a 2023 or earlier amendment which gets you $5,000 off your account and you did not pay the extra $5,000

You can wait to file on April 15th Tax day

You can wait fo file on Oct 15 if you file for an extension.

You can log in to IRS.gov to see if your $5,000 has been credited to your account

@tnsdean 

[tnsdean]

It's a 2022 amended return. Last fall they notified me I owed due to missing income on the W-2. I reviewed my taxes and discovered I also missed reporting expenses, which would reduce the amount I owed by over $5k. So I filed the amended return for 2022. They received it 17 weeks ago and I'm still waiting for them to process it and adjust the amount I owe. I then prepared my 2024 taxes and have a large refund coming. If I submit the 2024 return now, I'll get about $2K back (because they'll take everything they think I owe, which is $5k too much). But then they will eventually process my amended return, resulting in the IRS owing me a $5K adjustment.  If I file now, the debt is gone, but I have to wait and trust that they will eventually process the amendment and get me my funds back. If I wait as long as possible for them to process the amended return and they manage to make the adjustment in time ( no later 4/15), I would get around $7K back. I'm trying to figure out which is more advantageous in the long run.