Amending a return

What is the name of your state? FL
I recently received notice from the IRS that I owe for overpayment of a refund from my 2005 filing. I worked for several different companies (through the union) from whom I received W2 forms. I somehow failed to include one, thus the overpayment. My question is this: I thought that I had 2 years to file an amended tax return - the 2005 year was filed in 2006. Shouldn't I still have until 2008 to file the amended return? I know that the IRS doesn't care that this was an accident, I simply want to make it "right," pay what I do owe, without having to pay the penalty. If I'm wrong, please excuse my ignorance.

The sooner you correct the problem, the lower the interest and penalties. See your friendly tax preparer to file an amended return.

If your notice was a cp2000, it probably has the amount that you need to send in that was the overpayment.

Thanks, Ginny J. It is a CP2000, but it already contains a $112 interest fee. Am I wrong that I should have some more time to file an amendment before interest and penalties start building?

they are building as we type

Message received loud and clear...off to a preparer!!

sv459 said:

Thanks, Ginny J. It is a CP2000, but it already contains a $112 interest fee. Am I wrong that I should have some more time to file an amendment before interest and penalties start building?

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Yes, you are wrong. You had until April 15th of 2006 to file an amended tax return to correct the problem without any interest or penalties. Interest and penalties started from that point on.

If you are due a refund you have 3 years from normal due date to file an ammended return (and they will pay you interest). But if you owe money, interest and penalties start accumulating from the normal mid-April due date for the affected tax year.