There are several issues here.
You are probably already accumulating interest and penalties
- The IRS expects payment when you earn the money,
- They expect you earned it equally throughout the year..
- The portion you are paying now (Prior to April 15th).
- For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily.
- See IRS interest Rates for more detail.
- I think Home equity loans are in the 5-6% range.
Any payment after April 15th is considered late.
- The extension can delay the filing of your tax until October 15th 2024.
- The IRS will not impose a late filling penalty until then.
Please contact us again with any additional questions or to provide some additional details.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
