Once you file an amended return, you can track its progress. This year, the IRS says you need to pay 80 percent of what you owe for the 2018 tax year to avoid a penalty. And it's important that your estimate be as accurate as possible, she adds. You'll need to estimate what you owe and send it into the IRS before your filing deadline. You can file an extension, but keep in mind that doesn't extend the time to pay, Kazenoff says. If you don't, you're going to owe interest on the outstanding balance. You should plan to pay the taxes on that unreported income before the April 15 due date. If you forgot to report income, such as that from a side hustle, Kazenoff says you'll likely need to file an amended return, and pay. Once you've followed those steps, here are a couple of other facts to keep in mind. "The more complicated the return is and the greater the dollars involved, having a tax professional who is well-versed in these areas is recommended," Kazenoff says. In that case, you may want to seek expert assistance. The situation can be different if you own a business, for example, and your issues pertain to more complex deductions or credits. If you're missing a document, again, the IRS can handle this and typically alerts you by mail. That's typically easy to resolve, Kazenoff says. For example, say you didn't include a 1099. ![]() ![]() She adds that if you prepared your taxes with TurboTax Live, you can connect with the TurboTax Live CPAs and enrolled agents year-round to get help amending your return.īut filing an amended return can also be done without help, especially if it's something fairly straightforward. If you used TurboTax to file your return, the software can also walk you through amending your tax return, Lisa Greene-Lewis, a TurboTax expert and CPA, tells CNBC Make It.
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