IRS Penalties?

Question

I owe the IRS $76. I know this isn't much and should have been paid in April. I laid my papers up and forgot all about it. Point is it wasnt paid. Now that I have found all the information, I would like to pay it. I was curious though how much I will owe in penalties. Does anyone know of where I can find out? Do they use a percentage of what u owe times how late it is or something to that effect. Any info would be nice. Thnx

I filed my taxes before April 15th. And the $76 is just for this year. thnx for all the great answers!!!

Answer 1

On a $76 tax due that was due just a month and a half ago, your penalties and interest are almost nothing. If you waited a couple years, that's when it can be almost as much if not more than your original tax owed.

Failure to File: 6.84
Failure to Pay: 0.76
Interest & Interest on Penalties: 0.84
Total Tax due if mailed by the 31st of this month: $84.44


Regarding Additional Details:

Then your penalty and interest is only $1.53. Send them 78 bucks and be done with 'em. :-)

Answer 2

There will be penalties and interest on the $76 - since it's only been a fairly short time, that shouldn't add up to much. If you didn't file on time, there will be an additional failure-to-file penalty, which could be several dollars - but in any case, for six weeks (2 months actually - they assess it by month, and part of a month counts as a whole month) it shouldn't be more than $10 or so if even that much. But the interest and penalties will keep accumulating until you pay it, so get it taken care of asap.

You can call the IRS and ask them how much total to send.

Answer 3

www.irs.gov

Have you filed? If not, you should do so immediately, sending the $76 in with the return.

For not filing, there is a late filing penalty of 4.5% per month, or portion a month, that you are late.

For paying late, there is a penalty of 0.5% per month, or portion of a month, that you are late.

There is also interest that is charged - it is the Federal short term rate plus 3%

If you filed, but did not pay, you should get a bill that itemizes everything. If you have not filed yet, after you file and pay the $76, you will get a bill for any penalties/interest that you owe.

Answer 4

Believe it or not, the interest and penalties can be MORE than $76!!!

Call the IRS and explain to them what the issue is, and see if any penalties and interest can be waived. You might simply get off the phone with only the $76 owed.

Answer 5

Send the $ 76.00 and a voucher stating your name, address, social security number, year payment is for, and the dollar amount of the payment you are including. They will get back to you with penalty and interest. You can always include a note stating you lost it or the dog ate it or something. They appreciate it when you are straightforward about it and just send it in yourself.