"Bill Brown" wrote:

- quote -

The late payment penalty is .5% per month, not 5%, and it doesn't apply to
amended returns or exam deficiencies until after assessment + x days (used
to be 10 IIRC, not sure now). If the original return was filed late,
additional assessments will also include late filing penalty.

As for OP, given that the original was an e-file I don't see any processing
problem with getting the amended return in the mail by 4/15 with payment of
the additional tax. That will avoid any interest on the additional tax. As
for the state, OP should check their website. In MD you can file an amended
state return electronically through the website.

--------------
Phil Marti, VITA Volunteer
Clarksburg, MD

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On Apr 13, 2:40*pm, "removeps-gro...[at]yahoo.com" <removeps-
gro...[at]yahoo.com> wrote:

- quote -

The unpaid tax penalty (5%/month up to 25% max) does apply even if the
return has been filed. In my (limited) experience, however, that
penalty has been waived for amended returns.

--
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On Apr 13, 8:21 am, Mark Bole <ma...[at]pacbell.net> wrote:

- quote -

Yeah, but this way he has to pay interest on the $600 from April 15 to
whenever he files his amended return. At 5% a year, amended return
filed in 3 months from April 15, we're looking at around $7.50 in
interest. Do you know if the penalty (5% a month of the unpaid tax)
would apply? I think the answer is no, because that penalty only
applies if you didn't file a return and had unpaid tax.

To avoid any interest, he can pay with EFTPS or just send a 1040-V to
the IRS. With either option, be sure to mention the tax year as 2008.

And there's the issue of state tax too...

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

R. Pile wrote:
- quote -


Paper file only. Once you receive your original refund, you are
probably safe to mail in the amendment and pay back the difference (the
issue being, you don't want two different versions of your return going
through the system in parallel).

-Mark Bole

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I recently efiled a return and then discovered an overlooked 1099-DIV
with a $2,500 dividend. By including this income, my refund is
reduced by about $600.

Can I efile an amended return (1040X) or must i file a paper return?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >