@leneanne86 wrote:
I think I had a 401k in retirement account and IRA in the bank. How much does IRS penalize? Is it the same amount as how much I'd owe?
A 401(k) is an employer sponsored retirement account. That would not be in a bank unless you were the employer (self-employed 401(k) ), otherwise it would be distributed by the 401K) plan trustee. If it was a 401(k) that yiu rolled into a IRA then you should have reported that distribution as a 401(k) to IRA rollover and there would be no tax or penalty at all. That 1099-R should have had a code "G" in box 7.
The IRS will add late charges and interest to late payments of tax. They will bill you separately for those.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
