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riki3742
Returning Member

FIled late, owe taxes, not deducted from my bank

Hello,

 

I recently filed my Federal and State Taxes on 5/27/23. I owed money to both entities.  As of 5/30/23 no funds were withdrawn from my bank account.  Previously, I did not file an extension, as I did not have the available fund to pay. In the past when I filed and owed money, the funds were withdrawn the same day. Any suggestions? I did receive an e-mail that my returns were accepted.

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2 Replies

FIled late, owe taxes, not deducted from my bank

Since 5/27 and 5/28 were weekend days and 5/29 was a federal holiday, it may be a few days before the payments show up on your bank account.

FIled late, owe taxes, not deducted from my bank

even if you couldn't pay you should have filed an extension. the failure to pay penalty is only 1/2% a month but the late file (filing after due date without a valid extension)  is 4.5% per month for up to 5 months plus the late pay penalty. then only the failure to pay penalty applies. your 2 months late (fraction of a month is a whole month) so the penalty should be 10% + interest. 

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