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    Zeff's Avatar
    Zeff Posts: 14, Reputation: 1
    New Member
    		  
    #1

    Sep 30, 2009, 12:59 PM
    Current Refunds and Prior Year Returns
    Hello, I have filed an extension for my 2008 taxes. I have since completed them and am getting a refund.

    While doing my taxes, I was looking at my 2006 return and records and found that I forgot to report some income and need to amend the return and pay the tax on what I didn't report. It is a sizable amount that will require me to pay in installments.

    Can I file my 2008 return and get my refund and file my 1040X for 2006 at the same time and set up the installments for the tax?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Sep 30, 2009, 01:58 PM
    Negative. The 2008 return and the 2006 amendment are sent to different offices even if they have the same mailing address.

    File the 2008 return. Once you get the refund, you can use that money to pay some of what you owe for the 2006 return. Be sure to ask that the IRS waive all late filing/late payment penalties!

    These penalties can be substantial, and will add greatly to the amount you owe. However, the IRS will usually waive these penalties if you are coming forward voluntarily to pay the back taxes you owe.

    By law, the IRS cannot waive any interest owed.
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