When paying tax due on 1040X, do I include interest and penalties?
I just want to pay the money I owe to the feds. Since I am amending my return a year later, I know there’s going to be some additional costs. The IRS does say on its site what the interest/penalties are, but I am not sure whether to include that in my payment:
To summarize: Do I pay just what the original amount was and wait for them to bill me the rest, or calculate everything and then pay?
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The IRS will calculate and bill you.
just pay what you calculated on the 1040x. they will bill you the rest. the interest stops when you paid and they give you a window to pay by to not incur more interest.
When you file, pay only the amount that has been calculated as due and wait for a notice from the IRS for any additional amount due.