I am filing very late this year, and I (very stupidly) did not file an extension in April. I am pretty sure they owe me money, so is my return affected in anyway? If I owe them money, what is the penalty?
2007-09-26 09:41:40 · 4 answers · asked by ebillar 1 in Business & Finance ➔ Taxes ➔ United States
Chris M is correct
2007-09-26 12:45:04 · answer #1 · answered by Dee 4 · 1⤊ 0⤋
If you don't owe, then there's no penalty. If you do, you'd owe interest, plus failure to file penalties, plus late payment penalties. See Publication 17 (download at irs.gov), page 19 for detail on the penalties. Since you're over 60 days late, the minimum penalty for late filing is the smaller of $100 or 100% of what you owe.
2007-09-26 16:07:24 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
This is calculated based on the time from the deadline of your tax return (including extensions) to the date you actually filed your tax return. The penalty is 5% for each month the tax return is late, up to a total maximum penalty of 25%. The percentage is of the tax due as shown on the tax return.
Failure to Pay Penalty. This is calculated based on the amount of tax you owe. The penalty is 0.5% for each month the tax is not paid in full.
2007-09-26 09:49:31 · answer #3 · answered by Anonymous · 0⤊ 1⤋
Ton is correct except for one thing: There is NO penalty if you are getting a refund anyway. You do, however, have 3 years to claim the refund before the statue of limitations lapses.
2007-09-26 09:52:12 · answer #4 · answered by Chris M 2 · 2⤊ 1⤋