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I filed my 2001 tax return in February and it showed a refund of about $4,000. At the time we owed about $3,000 in back taxes. The money has all been credited and at this point we have no taxes due from past years and according to my calculations the IRS owes us about $900 for our 2001 return. So far, so good, but...

I received a belated Form K-1 a couple of weeks ago and will have to file an amended return showing that income, which will decrease our 2001 refund from $4,000 to about $800. Which means that instead of the IRS owing us about $900, we owe them about $2,300. I don't know the exact net amount we will owe because I don't know the final amounts we ended up paying on the back taxes, what with interest and all. (They are very slow about sending notices about payments credited.)

Question: Should I send a check for my estimate of what we owe when I file the amended return? That will be weird because the return will show a refund coming but I will be sending money. And if I overpay, Lord knows when I will get the money back.

Or should I send in the amended return and by itself and let the IRS sort it out and send me a bill when they figure it out?



Dazed and Confused
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