Self-Employed Late Filing: $5,320 Balance on $4,554 Tax with $790 in Penalties - 2023 IRS Transcript Shows Amended Return
I just checked my IRS account transcript for 2023 and I'm seeing a concerning balance of $5,320.88, which includes late filing penalties and interest. According to my transcript dated February 16, 2025 (Request Date: 02-16-2025, Response Date: 02-16-2025, Tracking Number: 107476000295), my total self-employment tax is $4,554.00 on SE taxable income of $29,767.00. My adjusted gross income was $13,414.00 with taxable income of $0.00. I filed late (after the April 23, 2024 due date) and got hit with multiple penalties: $203.90 for filing tax return after the due date (Code 166), $249.20 for late payment of tax (Code 276), plus $336.78 in interest charges for late payment (Code 196). They only show $23.00 in withholding credits from W-2 or 1099 (Code 806). Looking at the processing dates, my return was processed on March 3, 2025 (cycle 20250705), and they issued a notice on the same date (Code 971). I also see there was an amended return filed on September 10, 2024 (Code 977) with the note "Amended tax return or claim forwarded for processing" (Code 971). My current account balance is showing $5,320.88 with no additional accrued interest ($0.00) or penalties ($0.00) as of March 3, 2025. The transcript also shows "ACCOUNT BALANCE PLUS ACCRUALS (this is not a payoff amount): 5,320.88". I filed as Single with 01 exemption. The original tax code on my transcript shows 150 Tax return filed with the amount of $4,554.00 (reference number 70221-514-31519-4), and my amended return has a reference number of 43277-656-09264-4. I'm really worried about this balance. Can someone help me understand what I'm looking at and what I should do next? Should I be concerned about the amended return showing in the transcript? The penalties and interest are really adding up on top of the original tax amount, and I'm not sure what steps I should take to resolve this.
14 comments
Zoe Walker
The IRS transcript reveals several key details about your 2023 tax situation. Your self-employment tax liability of $4,554 was calculated based on self-employment income of $29,767. While your adjusted gross income was $13,414 and taxable income was $0, you're still responsible for self-employment tax as a business owner. The late filing after April 23, 2024, triggered three separate penalties: - Filing late penalty: $203.90 - Late payment penalty: $249.20 - Interest charges: $336.78 The transcript shows minimal withholding credits of only $23 for the year. There's also an amended return noted on September 10, 2024, which appears to have been processed but didn't affect your balance. Your current balance of $5,320.88 (as of March 3, 2025) includes your original tax plus all penalties and interest. The transcript indicates no additional interest or penalties are currently accruing, but this could change if the balance remains unpaid. Given these details, it would be advisable to set up a payment plan with the IRS immediately to prevent any future penalties and interest charges. Your filing status as Single with one exemption suggests you may qualify for various payment plan options.
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Ryan Kim
omg thank you for breaking this down! how do i set up that payment plan? 😰
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Zoe Walker
Go to IRS.gov and search for payment plan or call them directly. But honestly, upload this to taxr.ai first - it'll give you the exact steps and might find some ways to reduce what you owe.
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Elijah Brown
Instead of trying to decode these cryptic transcripts yourself, use taxr.ai - it's only $1 and will break down exactly what's happening and what you need to do next. I was in the same boat last month and it saved me hours of research. Check it out here: https://taxr.ai
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Maria Gonzalez
Is this legit? Seems too good to be true for just a dollar 🤔
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Elijah Brown
100% legit! Its AI reads your transcript and gives you specific next steps. Way better than trying to piece together info from reddit posts
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Maria Gonzalez
just tried it - holy cow this is amazing! saved me so much stress 🙌
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Natalie Chen
bruh these penalties are rough. welcome to the club 🤡
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Santiago Martinez
Did u know you can request penalty abatement if its your first time being late? might be worth looking into
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Ryan Kim
wait fr? how do i do that?
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Santiago Martinez
Call IRS and ask for first-time penalty abatement. But def use taxr.ai first to see if you qualify, it'll tell you exactly what to say
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Samantha Johnson
Make sure youre making estimated tax payments for 2024 if ur still self employed! Don't want this happening again next year
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Nick Kravitz
Anyone else remember when doing taxes wasn't a complete nightmare? Pepperidge Farm remembers 💅
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Hannah White
lmaooo fr fr tax season got me stressed every year now ðŸ˜
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