Guys - does IRS care a lot about 100% accuracy with form 4868 in section 'estimate of total tax liabiilty for 2020' or not really? I had filed for free and was off by quite a bit but they still accepted the extension - just wondering if that's the norm
Also, I am finalizing everythign but think I owe 12,000 - does that mean late payment penalty will be 1% per month or $120 for 6 months or $720 ? Thank you
From IRS instructions - The late payment penalty is usually ½ of 1% of any tax (other than estimated tax) not paid by the regular due date of your return, which is April 15, 2021. It’s charged for each month or part of a month the tax is unpaid.
