Hi, so thanks to a big misunderstanding on my (ex) fathers part my 2005 taxes were not filed. Being a dependent then he screwed alot up. So I filled out a 2005 1040 EZ and NYS tax return.. Now im wondering the 1040 says i owe $305.... Does anyone have any idea how much I might end up paying after filing and late fees. I called the IRS and the lady said she is not allowed to answer that. I heard there is some formula...Thanks for any idea.
2007-06-03 09:13:40 · 2 answers · asked by tjourdain@verizon.net 1 in Business & Finance ➔ Taxes ➔ United States
the penalty can be up to 5% per month with a maximum of 25%. The interest on the underpayment is set quarterly by the IRS. Estimate around prime plus 2%.
2007-06-03 09:21:22 · answer #1 · answered by Robert B 2 · 0⤊ 0⤋
You're over 60 days late filing, so the minimum penalty for failure to file is $100. Then there's also 1/2% penalty per month for failure to pay, and interest which runs around 2/3% per month. So total probably something toward $200 in addition to the original $305.
See page 19 of IRS Publication 17 (download at irs.gov) for more detail.
2007-06-03 10:25:57 · answer #2 · answered by Judy 7 · 0⤊ 0⤋