How much is the penalty for filing taxes a year late?

Question

Are you penalized by a percentage or a flat fee or what? Anyone have any idea?

Answer 1

The penalty is 5% of the unpaid tax per month for every month the return is filed late, plus interest at the prevailing rate. If no tax is due, there is no penalty.

Answer 2

For late filing of a return if there is a balance due If you owe tax and don't file on time, the total late–filing penalty is usually four and one-half percent of the tax owed for each month, or part of a month, that your return is late up to five months. If your return is over 60 days late, the minimum penalty for late filing is the smaller of $100 or 100 percent of the tax owed.

For not having any balance owed paid by the due date of the return the Interest and penalties
The interest rate is determined every three months and is the federal short–term rate plus 3 percent. Interest is compounded daily. If you file on time but don't pay all amounts due on time, you'll generally have to pay a late payment penalty of one–half of one percent of the tax owed for each month, or part of a month, that the tax remains unpaid from the due date, until the tax is paid in full or the 25% maximum penalty is applied. The one–half of one percent rate increases to one percent if the tax remains unpaid 10 days after the IRS issues a notice of intent to levy. For individuals, who file by the return due date, the one-half of one percent rate decreases to one-quarter percent for any month in which an installment agreement is in effect.

If there is no balance owed on the return, there is no penalty or interest
http://www.irs.gov/taxtopics/tc653.html

Answer 3

If you have a refund, yolks on you. No interest or penalty, but you earn no interest either.

If you owe, the penalty is based upon how much you owed on the original due date.

Filing Late: 5% per month; 25% max.
Paying Late: 0.5% per month; 25% max
Interest: Prevailing rate, currently about 9%

Tax Advisor

Answer 4

Do you owe money or getting it back? If you are getting a refund you can go back as far as 3 years and not be penalized a dime. However they do a percentage if you owe. Penalites as well as interest.