Instructions For Amending Tax Returns - South Dakota Department Of Revenue (Page 2 of 2) in pdf

INTEREST:

If the original return was filed by the due date and there is additional tax due because of the amended return:

Interest of 1.5% (.015) is assessed for each month (or part thereof) after the original due date on the additional tax due

(minimum of $5.00). For example, you amend your January 1997 return. The original return was filed by the due

date of February 20, 1997. The amended return was filed May 3, 1997, with an additional tax due of $50.00. You

would calculate the interest as follows:

$50.00 x .015 = $.75 (since less than $5.00, $5.00 applies)

$5.00 x 3 = $15.00 (interest for March, April, May)

If the original return was filed after the due date and there is additional tax due because of the amended return:

1. Multiply the "corrected tax due" amount by 1.5% (.015). If the result is less than $5.00, the minimum is $5.00.

The interest is assessed for each month (or part thereof) from the due date of the original return to the date the original

return was filed. For example, you amend your January 1997 return. You filed this return March 15, 1997, which is

after the due date of February 20, 1997. The amount of tax due was $10,891.39 plus interest of $163.37 ($10,891.39 x

.015). The amended return was filed May 3, 1997. The corrected tax due totaled $11,162.11. The interest is

calculated as follows:

$11,162.11 x .015 = $167.43 (Interest for month of March)

- 163.37

(Interest calculated previously)

4.06 (additional interest)

2. Multiply amount on line "difference" by 1.5% (.015). If the result is less than $5.00, the minimum is $5.00. The

interest is assessed for each month (or part thereof) from the date the original was filed to the date the amended return

was filed. Using the previous example, the interest is calculated as follows:

$270.02 (11,162.11 - $10,1891,39) x .015 = 4.05 (since less than $5.00, $5.00 applies)

5.00

x 2 = $10.00 (Interest for April and May)

3. Total the interest calculated in steps 1 and 2 to arrive at the total amount of interest due. In the example used

above, the total interest is $14.06 (4.06 + $10.00).

If the original return was filed by the due date and there is an overpayment of tax on the amended return:

Go to the Amount Due line and write down the amount from the Difference line.

If the original return was filed after the due date and there is an overpayment of tax on the amended return:

Multiply the amount on the line marked "Canceled Tax Due" by 1.5% (.015).

* If the result is less than $5.00 per month and the amount of interest listed on the left side of the amended return is

$5.00 per month (the minimum amount of interest), put $0.00 on the line for interest.

* If the amount of interest listed on the left side of the return is greater than $5.00 per month and the figure you

calculated above is less than $5.00 per month, then you are only allowed to take a portion of the amount calculated

above that will bring interest down to the minimum $5.00 per month.

* If the amount of interest listed on the left side of the amended return is greater than $5.00 per month and the

figure you calculated above is greater than or equal to $5.00 per month, then find the difference between the interest

on the left side and the figure you calculated above (multiply by the number of months late) and put that amount on

the line for interest.

PENALTY:

If the original return was filed on time or within 30 days after the due date:

NO PENALTY due on the amended return.

If the original return was filed 30 or more days after the due date and there is an amount due on the amended return:

Multiply the "Corrected Tax Due" by 10% (.10). If the result is less than $10.00, the minimum is $10.00. Subtract

the amount of penalty assessed on the left side of the amended return from the amount just calculated. Write the

difference on the line for penalty.

If the original return was filed 30 or more days after the due date and there is an overpayment of tax on the amended

return:

Multiply the "Corrected Tax Due" by 10% (.10). If the result is less than $10.00, the minimum is $10.00 Subtract the

amount just calculated from the amount of penalty assessed on the left side of the amended return. Write the

difference on the line for penalty.

Instructions For Amending Tax Returns - South Dakota Department Of Revenue Page 2

Related Articles

Related forms

Related Categories