about to mail my federal tax return to the IRS today. will they penalize me? when can I expect my refund?

Question

July 15th, 2007
my tax document was messed up and it had to be corrected and amended.

Answer 1

No penalty if you are to receive a refund.
If this ever happens again, request an extension. That's good until August. However, if you owe any tax, you must pay at least an estimate with the extension request.
If you underpay, penalties are in order on any difference. If you overpay, a refund is issued.

Answer 2

Amending it with a 1040x will reopen the audit provisions again for another 3 years. Don't let this statement fool you however; the government has ever legal right to go back until you were basically a baby if they suspect fraud or otherwise. There is no statute of limitations to this area. or the penalties to which are assessed. We know, as we have clients in this process as we write.

Now that I've scared you; actually I would not worry so much about it. I mean I have amended many returns and will probably do so many times.

Penalties could be assessed based on liability. You did not mention if you had to pay more taxes or not.

In cases the IRS has much leeway, their rules are not always written in stone. I have seen them make many exceptions. In cases of issues relating to amendments it is not always a we will most definitely do this; much like it is in some areas. They have much leeway and I have seen them take that avenue more times than I can count.

The clue here is the return was filed incorrectly and you took necessary action to correct the problem. If they penalize ask them to take them away. In most cases, they can legally collect interest and it is most unlikely unless through offers in compromise on IRS Forms 433A and 433B's (A is for individuals which is a personal financial statement of sorts more or less and B for businesses) or other settlement provisions. There is no real answer as I have said countless times in my answers to people. Every situation differs. No two are the same and otherwise. Will they penalize and can they, most likely depending on tax liability certainly; but will they. Well don't keep worrying about that issue. Mail the return in because interest will keep accruing my good person.

And remember people, it cannot be said enough. Do not delay filing or correcting for reasons you are scared of that debt and though it may be bad and it seems bad, nothing is always as bad as it seems tempoarily.

The stories abound about Revenue but I have seen many cases in our fields that in which they gave much leeway. Continuously well, that might not be so but I have seen it more times than not. In many cases they may not automatically reverse if they assess but you get a track record of those payments then speak to them they are more likely to listen to you for you keep up with your word and the worst possible thing you can do is ignore it. You make agreements, keep them. Period, do not hide do not fear for in the long run you have destroyed your credibility with an agency that will never forget you.

You sound like a decent person I'm sure whatever happens you'll be just fine. And we do wish you all the best of luck. Check out the IRS site at IRS.GOV and if you can't pay the bill if you get one, ask them for payment plan. They do it all the time. You don't need a fancy form. you can write a letter. They prefer forms sure but they will be the first to tell you that a letter to make arrangements is sufficient. I have had many do it. So mail the return in and you should be happy about yourself and character. Many people do not, unfortunately correct them and at times they certainly do regret it.

Wishing you well Wayne.

Answer 3

If you're getting a refund there will be no penalty.

If you owe there will be penalties and interest for late payment. If you didn't request an automatic extention of time to file there will also be a penalty for late filing.

Typical mail-in processing time is 6 - 8 weeks. You can still e-file 2006 returns and that should get you your refund in 15 days or less if you have it sent directly to your bank.

Answer 4

If you have a refund coming, then no, there won't be a penalty. It will take awhile to get it, 4-8 weeks.

If you had owed money, there would have been penalties for filing and paying late.