Question

I made a mistake with a blank box on 1099r and want to correct it. I've already submitted. Will I be charged a penalty amending after they've been fully processed?

Forum|Forum|3 years ago
April 10, 2023
1 reply
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TurboTax Free Edition Online

If you owe additional tax, and the due date for filing that tax return hasn't passed, you can avoid penalties and interest if you file Form 1040-X and pay the tax by the filing due date for that year (without regard to any extension of time to file).

Amend

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C

corileighsAuthor

Thanks for the reply. I had prepaid taxes so I don't owe, however this error greatly increased my refund. I'm trying to do the ammendment on turbo tax but the way it's displaying the new amount is that now I pay the difference (even though I haven't received the refund yet). Ultimately I would still get a refund, not owe. If I submit this, will it be offset or should I wait and pay the overpayment back? Should I wait to do the ammendment after I get the refund?

D

DianeW777

It depends. It's possible it could offset, but it may take some time. You do have the acceptance date for your original return and if it's been a couple of weeks, then it's likely the refund will be issued to you before the amendment could get processed. If this is the case, I suggest making the payment no later than April 18th, for the amendment.

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