I e-filed last month and received a refund. I have now received some PTP K-1's and a corrected 1099-B and looks like I owe about $100. Is there a penalty and/or interest involved if I file the 1040-X after 4/15?
Yes, there is interest if you file after 4/15. The current interest rate is 3% a year. Don't forget the state tax return as well.
3% a year. Don't forget the state tax return as well.
..... plus 1/2% per month late payment penalty to the US Treasury. However, the interest and penalty on being late by $100 for a month would only be 75 cents! The IRS is not going to bill you 75 cents.
Some states use the IRS numbers other states use their own. E.g., my state of NM uses the IRS rate for interest. It has its own late payment penalty of 5% plus 1/2 % per month up to a maximum of 25%. So... here in NM the charge for being a month late to the state on $33 of tax (I made some assumptions on the income that triggered the $100 tax) would be $1.90. I don't believe NM would bill $1.90.
That penalty doesn't apply to assessments arising from amended returns (or audits) unless it's not paid within 21 days of assessment (IRC 6651(a)(3)).
Phil Marti VITA/TCE Volunteer Clarksburg, MD
audits) unless it's not paid within 21 days of assessment (IRC 6651(a)(3)).
Fortunately I was able to figure out how to use Turbotax to add a couple of late arriving K-1's, one of which had a sale and the K-1 had a Sales Schedule showing gains for 4797 and adjustment to basis on 8849. Looks like just about every one of my forms has a change so will have to submit practically all of them along with the 1040-X by 4/15.
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