It’s important to file your taxes by the due date to avoid late filing penalties. You can file your taxes without paying the tax you owe at the time of filing. The penalty for late filing is 4.5% a month for the first 5 months + .5% penalty for each month the payment is late + interest. filing timely avoided the 4.5% but not the .5 penalty.
Make a Partial Payment: The penalty for not paying your taxes is based on the total tax owed, so any amount you can pay now will reduce the penalty and interest later. You can make a partial payment with TurboTax by selecting “I will mail a check” in the File section.
Contact the IRS: Reach out to the IRS and your state tax office. They can work with you to create a payment plan, especially if you’re experiencing hardship like a serious illness or a natural disaster. If you file your taxes before calling, the IRS may offer you extra time or an installment plan.
There are different ways to apply for an IRS installment plan:
File for an IRS installment plan with TurboTax.
Apply online on the IRS website.
Fill out Form 9465 and send it to the IRS.
Call the IRS at 1-800-829-1040 - not recommended at this time because their lines are likely to be tied up.
if you owe state taxes, their website may offer a way to apply or call the number provided.
