I know it's way past due, but I'm sending in my Form 1040 along with the $150 dollars I owe them, but I'm sure there is a penalty added but I don't know how much to send for that. How do I figure out what amount they're gonna charge me for being late or do I just send in what I have and expect a bill from them?
2007-09-28 08:22:20 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The late filing penalty is 5% per month with a maximum of 25% of the tax due. The late payment penalty is .5% per month. Interest accrues at a rate that changes quarterly and is currently 8%.
2007-09-28 08:50:05 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Don't try to calculate the penalty and interest. Just send in the 1040 and the $150. They will send you a bill.
2007-09-28 09:10:16 · answer #2 · answered by r_kav 4 · 1⤊ 0⤋
Send in the amount your calculation shows on your tax return - they'll send you a bill for the interest and penalties.
2007-09-28 14:43:33 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
expect a bill or a call.....or maybe just call the IRS or send them an E-Mail maybe there is no penalty..i had up to three years to file...
2007-09-28 08:25:31 · answer #4 · answered by Sandy B 5 · 1⤊ 1⤋
Why are you asking us instead of the guy who knows ?
Ask the tax man
http://www.irs.gov/
>
2007-09-28 08:27:24 · answer #5 · answered by kate 7 · 0⤊ 1⤋