What is the tax penalty for not paying or filing?

Question

I owed about $400 last year and I never filed or paid. What is the penalty when I get everything straighted out this year?

Answer 1

You should be out in 10 years, unless you live in the U.S.

Answer 2

Penalties are assessed on tax that would be due with your return. If no tax is due there is no penalty.
However, if you owe tax then the combined failure to file and pay penalty and interest can go as high as 50% of the tax due. The penalty reaches 25% five months after the failure to file happens.

Answer 3

After five months, the total penalty for failure to file and pay can be 47.5% (22.5% late filing, 25% late payment) of the tax owed. Also, if your return was over 60 days late, the minimum failure-to-file penalty is the smaller of $100 or 100% of the tax required to be shown on the return.

Answer 4

I would get it filed and paid soon. You are already looking at over $100 in penalties and interest.

Not filing will hold up any future refunds.

Answer 5

Failure to document: 5% of the unpaid tax in line with month or partial month after the due date of the return, as much as twenty-5%. if your return is extra advantageous than 60 days late, your failure to document penalty is the lesser of $a hundred thirty five or a hundred% of your return. Failure to pay: .5% of the unpaid tax in line with month or partial month after the due date of the return, as much as twenty-5%. For the 1st 5 months, it is blended with the failure to document penalty (reducing the failure to document penalty to 4.5%). Cap is lower back 25%. activity: Charged at modern-day expenses, which at the instant are 4% each year. No cap on activity.

Answer 6

Read http://www.irs.gov/faqs/faq-kw136.html

Answer 7

Get ready to bend over...

Answer 8

I work at a correctional facility, see you soon!