I am working on filing an amended 1040 from march 09. It is now October. How much can I expect the IRS to charge me?
I know I owe 164 dollars already. But since the actual amendment of my 1040 took me what. 8-9 months.
November 30, 2009
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Loading ...How much will I owe the IRS?
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All depends on if you owe and how much.
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Comment by sassy25 — November 30, 2009 @ 11:02 am
For the amount that you owe and haven’t paid, interest at 4% per year, and an under-payment penalty if the amount you owe is over a certain amount, and interest on that penalty.
If you are getting a refund, you will get your refund, no penalty or interest.
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Comment by Chuckie O — November 30, 2009 @ 11:02 am
I thought there would be a penalty table at http://www.irs.gov but I couldn’t find one. The only thing I found is that there may be up to a 25% for late payment. For $164, I would hope the penalty would be significantly less.
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Comment by sbinlb — November 30, 2009 @ 11:02 am
Not a lot. You are looking at 6 months of interest (it is calculated from April 15 if you owed when you filed or from when the IRS issued your refund if they sent you a refund; it is not calculated from when you filed), which is probably under $10 if you only owe $164. There might be a penalty, but probably not much, given the small amount of money involved.
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Comment by StephenWeinstein — November 30, 2009 @ 11:02 am
what are you amending? 2008?
if you find that amendment results in owing tax, you can count on some interest and the rates change periodically
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Comment by tro — November 30, 2009 @ 11:02 am