This discussion is not intended as legal advice, and cannot be relied upon for any purpose without the services of a qualified professional. If the IRS thinks you owe penalties it will send you a notice, which you can either pay or contest.įor alerts to future tax articles, follow me on Forbes.
The IRS will compute the interest and send you a bill if you don’t include it.
#TURBOTAX AMENDED RETURN 2015 FOR MAC HOW TO#
However, I dont know how to proceed from that point. Interest is charged on any tax not paid by the due date of the original return, without regard to extensions. Ive downloaded, installed, and launched the stand-alone 2015 Turbotax software so that I can file an amended return (I entered the wrong property tax for that year). Intuit TurboTax Standard 2020 - 8 Returns - English - Windows Download. Even though you might be amending a return from two years ago, the due date for your original return and for payment has long passed. Intuit TurboTax Premier 2020 - 12 Returns - English - Windows Download. If your amended return shows you owe more tax than you reported on (and paid with) your original return, you’ll owe additional interest and probably penalties too. Plus, note that an amended return that does not report a net increase in tax does not trigger any extension of the statute of limitations. Some people amend a return right before the statute expires. This narrow window can present planning opportunities. In fact, if your amended return shows an increase in tax, and you submit the amended return within 60 days before the three-year statue runs, the IRS has only 60 days after it receives the amended return to make an assessment. You might assume that filing an amended tax return would restart that three-year statute of limitations. Normally the IRS has three years to audit a tax return. 9: The statute of limitations is kind to amended returns. As an alternative, you can apply all or part of your refund to your current year’s tax. If you file an amended return asking for considerable money back, the IRS may review the situation even more carefully. 8: Refunds can be applied to estimated taxes.
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