Filed extension and failed to pay the tax I own.

[Andolem]

Hi

I filed tax extension but there is no I would able to pay 50K I own to IRS, due to medical issues. Does it means I will get penalize 25 percent And the interest rate, if I don’t pay by October 15?

thanks

[Mike9241]

extension and payment were due 4/18/2022. 

see this link for the penalty for failure to pay.  it is  .5% per month with a maximum of 25%  (50 months) did you show the $50K owed on a timely filed extension.  if not, it may not be valid. then you could be subject to a failure to file penalty which is 4.5% with a maximum of 25% 

https://www.irs.gov/payments/failure-to-pay-penalty 

see this link for options to pay. the .5% penalty drops to .25% with a payment plan

 https://www.irs.gov/newsroom/what-if-i-cant-pay-my-taxes 

[Andolem]

Hi Mike, 

I did file an extension around March and It was accepted by the IRS. What is the reason I would be penalized 25%? Thanks a bunch. 

[Critter-3]

@Andolem    You are posting all over ... please read all the responses :  

https://ttlc.intuit.com/community/user/viewprofilepage/user-id/4936861

There are 2 penalties ... failure to file and failure to pay.   Filing the extension waives the failure to file penalty however not the failure to pay.  The extension only gives you more time to file not to pay.  No matter when you actually file the return  the payment penalty will be calculated  beginning from  4/18 along with interest being applied on the unpaid balance due.