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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: Re: 1099 in October Date: 10/12/2013 4:54 PM
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The penalty for late payment is 0.5% of the tax due per month late, with a maximum of 25% of the late tax.

That's true for late payment of tax shown on the return, running from the original due date.

However, here we're talking about an amended return. Lat payment penalty on that type of assessment (audits also) doesn't start running until 20(?) days after it's assessed. If you pay the additional tax with the amended return there will be no penalty.

Phil
Rule Your Retirement Home Fool
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