I am sorry to hear that life has taken over. First, I would encourage you to complete the tax filing as quickly as possible, as you wrote that you will try to file soon, and then make the payment through Turbo Tax in Step 2 of Checkout. You should have no issues in doing so.
One area that you need to pay attention to is that you should check that no extension payment shows on the tax return, as you did not make any payment.
When in Turbo Tax Choose:
1. Deductions and Credits
2. Then scroll way down to Estimates and Other Taxes Paid
3. Other Income Taxes - Click the Start or Update button
4. Next page second section Payments with Extension
5. Open the Federal and make sure there is no payment there and if so, then remove it.
The standard tax extension, which you filed, allows you to file your tax return after the usual deadline. However, it doesn't buy you more time to pay any taxes you may owe.
Penalties and interest are based on how much you owe and for how long.
- Late payment penalties are calculated at 0.5% of the unpaid tax balance per month.
- The maximum you can be charged in late payment penalties is 25% of the unpaid tax.
Interest on unpaid tax compounds daily from the original due date of the return until the date you pay in full. This results in a daily recalculation of the principal amount plus accrued interest.
Good job on filing the extension though. Without an extension, the Late Filing Penalty would have applied. Late filing penalties can add 25% to your tax bill.
Thank you for the opportunity to answer your questions @Eugene1980
All the best,
Marc T.
TurboTax Live Tax Expert
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