Can I be penalized for filing an amended tax return (1040)?

I am anticipating a sizeable refund (I am married with three children. We pay daycare expenses and I had some tuition expenses for going back to college). I do our taxes every year, so I am reasonably able to forecast a refund amount. Due to the AMT changes, I will not be able to file the dependent care expense form or the education credit form until February 11th. We have some bills that we need to catch up on, and I want to try to get me refund back sooner. I am thinking about NOT filing these two forms for now, and get a lower refund to pay the bills. I would file an amended form to get the rest of the refund. Is there any reason why I should consider NOT doing this? Can I be penalized? I%26#039;d doing it this way to catch up on important bills that really should not be delayed. Thank you.

Can I be penalized for filing an amended tax return (1040)?

The IRS will not assess a penalty if you file a return showing a higher tax liability than necessary. You are generally allowed 3 years from the end of this year%26#039;s tax season to amend your return, show the additional amount you have overpaid, and claim the remainder of your refund.

Even if the IRS expects to be ready to handle current changes on February 11, there is no guarantee they will be ready on that date. The IRS may also pay interest on the amount they are holding, if the delay is significant.

It%26#039;s perfectly acceptable to file a return claiming as much of your refund as possible, then file 1040X to claim the rest of your money you have overpaid during the year. It%26#039;s not your fault that the IRS is not ready with the forms you need to claim your money.

Five forms are affected by the delay:

閳?Form 8863, Education Credits.

閳?Form 5695, Residential Energy Credits.

閳?Form 1040A閳ユ獨 Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.

閳?Form 8396, Mortgage Interest Credit.

閳?Form 8859, District of Columbia First-Time Homebuyer Credit.

Good luck.

Can I be penalized for filing an amended tax return (1040)?

If you file form 104X, wait until you have received your initial refund before sending the amendment. Report It

Can I be penalized for filing an amended tax return (1040)?

If you file a 1040, you will be able to claim the child care credit since form 2441 has not been delayed.

If you pay someone to file your tax return, they will charge you roughly $100 to do the amended return. You will waste that $100 and roughly the same of the IRS%26#039;s time (MY tax dollars). Since *everyone* seems to want to do that this year, your 1040X will take longer than the normal 8-12 weeks to process.