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Does an individual owe late payment penalties when he owes additional tax on an amended return and the tax due is less than 10% of the tax shown on the amended return?
We are filing an amended 2016 Form 1040 to report the SE tax due. The amount of tax due is $14K. The total tax on the amended return is more than $263K. Since the tax due is less than 10% of the total tax on the amended return, are late filing penalties applicable? Clearly, interest is due on the $14K.
