Can I amend my taxes after I just received another tax form?

How much interest do they typically charge? And do you know if doing this amendment will increase chances of being audited? I'm paranoid about dealing with the IRS.

The interest rate changes quarterly but is currently around 7% annually. It's calculated from the original due date (April 15, 2025) until you pay the additional tax. Filing an amended return doesn't automatically trigger an audit. In fact, voluntarily correcting a mistake is viewed more favorably than if the IRS discovers unreported income on their own. They understand that people receive late forms and make honest mistakes. Just make sure your amendment is accurate and includes all necessary documentation.

Do they handle state tax amendments too? Or just federal? My state is super picky about amendments and I've heard horror stories.

Does it work if you originally filed with TurboTax? I used that for my taxes this year and now I'm getting a K-1 form late that's gonna mess everything up.

They handle both federal and state amendments! I had to amend my California return too and it walked me through both processes. The state stuff was actually more complicated than the federal part, but the system explained each step. It definitely works with TurboTax returns! That's what I used originally. You just upload your TurboTax PDF and the new form, and it handles the rest. K-1 forms are especially complicated, so having the system analyze exactly what changed will save you tons of headaches.

How does that even work? Sounds like some kind of scam to me. The IRS phone lines are totally jammed - how would they get through faster than anyone else?

Does it actually connect you directly to an IRS agent? Or is it some third-party tax service that just answers questions?

It's not a scam at all - they use an automated system that keeps dialing and navigating the IRS phone menus, which is what most people give up on. They don't get through "faster" - they just have the tech to keep trying when humans would give up. You get connected directly to an actual IRS agent. It's not a third-party tax service - they literally just get you past the hold time and phone tree navigation, then connect you directly to the same IRS agent you'd eventually reach if you had unlimited patience. You're talking to official IRS employees who can access your tax records and help with your specific situation.

Ah crap I didn't even think about self-employment tax! The side gig was graphic design work I did for a local business. They just needed some logos and paid me directly, no tax withholding. So I'm guessing that would count as self-employment? Does that mean I need to file some additional form besides just the 1040-X?

Yes, you'll definitely need to pay self-employment tax on that income. Since it's over $400, you're required to pay the 15.3% SE tax. You'll need to include Schedule SE with your amended return to calculate the self-employment tax, along with Schedule C to report the business income and any related expenses. This is where you might find some deductions to offset the income - did you use your own computer, software, or have any other expenses related to the graphic design work? Those can be deductible business expenses on Schedule C.

The IRS says 16 weeks is currently the normal processing time for amended returns, but mine took almost 6 months last year! The "Where's My Amended Return" tool on IRS.gov was completely useless too - just kept saying "processing" the entire time.

Six months?? That's insane! I was hoping to use my refund for summer tuition. Guess I better make other plans. Thanks for letting me know though - at least I won't be anxiously checking every day now.