Yes, there is no penalty for overpaying on on your extension. When you do eventually file your return, you'll simply get a refund for any over-payment. However, if you underpay, then you run the risk of being hit with interest and penalties.
Please Note
- If you underestimate the amount of tax you owe, you'll have to pay interest on whatever amount you fail to pay by April 18.
- If you do not file your return or extension by April 18th, you will be subject to late payment penalties - 5% of the amount you owe for each month of late payment, up to a maximum of 25%.
- If you pay less than 90% of the tax you owe, you'll end up owing a penalty of 0.5% of the underpayment every month until you pay the balance.
Please see the FAQ below for amendment instructions. https://ttlc.intuit.com/replies/3301328
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
