It could not hurt to do so. The failure to pay penalty is relatively easy, since it accrues as of the beginning of the next month. So the first month is April 16 - May 15th, and so on and so forth. The interest is a bit more complicated, and oftentimes the IRS calculation is beneficial to the taxpayer, in my experience.
Also, you could potentially receive a First Time Abate or other administrative waiver
The failure to pay would qualify of the First Time Abate. This comes from the IRS link above:
How to qualify for First Time Abate
You may qualify for First Time Abate for a penalty if you have a history of good tax compliance.
History of good tax compliance
You are considered having a good tax compliance history if you:
- Filed the same return type, if required, for the past 3 tax years before the tax year you received the penalty.
- Didn't receive any penalties during the prior 3 years, or any penalty was removed for an acceptable reason other than First Time Abate
Example: You request First Time Abate for a Failure to Pay Penalty on your 2022 tax return. You don't have any unresolved penalties on tax returns for 2019, 2020 and 2021 and didn't get First Time Abate relief. Based on this information, you have a good history of compliance.
Thank you for the opportunity to answer your questions @carolgb22
All the best,
Marc T.
TurboTax Live Tax Expert
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