[berniej]

If you ammend returns and find that your refund was higher before you ammended the return or that you owe after you ammended,do you just send the difference.Do you have to pay the interest,fines etc from which ever year it is or just from the date you ammended the return.

Thanks

Bernie

 

[AmTaker]

If you ammend returns and find that your refund was higher before you ammended the return or that you owe after you ammended,do you just send the difference.Do you have to pay the interest,fines etc from which ever year it is or just from the date you ammended the return.

Thanks

Bernie

My guess is that you would have to pay interest on the extra amount from the date you sent in the return. There may be a few glitches here and there. If you got a refund back originally, it may be from the date the refund check was issued, although I doubt a few days makes much difference.

 

[Bevdeforges]

The IRS page on amended returns: Tax Topics - Topic 308 Amended Returns

Interest and penalties on additional amounts due start from the original due date of the return (i.e. if you're amending your 2010 return, any interest and penalties for additional amounts due start accumulating as of April 15th 2011 - the original due date of the 2010 return).
Cheers,
Bev

 

[AmTaker]

The IRS page on amended returns: Tax Topics - Topic 308 Amended Returns

Interest and penalties on additional amounts due start from the original due date of the return (i.e. if you're amending your 2010 return, any interest and penalties for additional amounts due start accumulating as of April 15th 2011 - the original due date of the 2010 return).
Cheers,
Bev

Bev

I think that would hold if you owed money in your original return. But if you got a refund from your original return, then the only interest you would pay would be from the time you got the refund to the time you amended the return (and found a lower refund), and the interest would be on the difference between the refunds. It seems to me that you only had the excess money from the time the refund was sent to you, so you should only pay interest for that time period.

 

[barribr]

The IRS will calculate interest and penalties based upon the original filing date of the tax return. Interest and penalties are based on the amount of your balance due to the IRS; therefore, you would never pay interest on a tax refund to be received from the IRS because the IRS would owe the interest to you (and they do pay this.)