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Level 1
posted Sep 17, 2025 10:21:09 AM

Did not file for extension may owe and don’t have the money

Hello,

I appreciate that you are doing this. This is the 1st year in my life that I am late for filing my taxes and I did not get a chance to file for an extension and I think I owe a little in taxes. Will I have a penalty and do I have any options especially since I can’t pay it off by the deadline for October 15th? Please help me🙏🏽

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2 Replies
Level 15
Sep 17, 2025 10:29:11 AM

If you owe tax due, then yes, you will be subject to late filing penalties and some interest since you did not request an extension; it is too late to request an extension now.  You had to do that by April 15, 2025.

 

 

To apply for a payment plan with the IRS

 

Apply Online for a Payment Plan

 

Employee Tax Expert
Sep 17, 2025 3:58:23 PM

Filing by October 15th, 2025 is recommended to help with penalties if applicable.    TurboTax provides several payment options.   Pay Federal Taxes 

You may not have a penalty if you meet one of the following:


The IRS will not charge you an underpayment penalty if:
  1. You pay at least 90% of the tax you owe for the current year, or 100% of the tax you owed for the previous tax year.
  2. You owe less than $1,000 in tax after subtracting withholdings and credits.


File your return and pay any taxes due immediately to stop new penalties and interest from being accrued.   

  • Failure-to-file penalty: This penalty is typically 5% of your unpaid taxes for each month or part of a month that your return is late, with a maximum penalty of 25%.
  • Failure-to-pay penalty: If you did not pay your taxes by the original April deadline, this penalty is 0.5% of the unpaid taxes for each month or part of a month. It also has a maximum of 25%.

If you are assessed penalties there are remedies.   

When the IRS waives a penalty it is called abatement.  If you are unable to get the penalties waived and cannot afford to pay in full it may benefit you to enter into an installment agreement to make manageable monthly payments.   Here is the link for the payment plans:  IRS payment plan