Filing by October 15th, 2025 is recommended to help with penalties if applicable. TurboTax provides several payment options. Pay Federal Taxes
You may not have a penalty if you meet one of the following:
The IRS will not charge you an underpayment penalty if:
- You pay at least 90% of the tax you owe for the current year, or 100% of the tax you owed for the previous tax year.
- You owe less than $1,000 in tax after subtracting withholdings and credits.
File your return and pay any taxes due immediately to stop new penalties and interest from being accrued.
- Failure-to-file penalty: This penalty is typically 5% of your unpaid taxes for each month or part of a month that your return is late, with a maximum penalty of 25%.
- Failure-to-pay penalty: If you did not pay your taxes by the original April deadline, this penalty is 0.5% of the unpaid taxes for each month or part of a month. It also has a maximum of 25%.
If you are assessed penalties there are remedies.
When the IRS waives a penalty it is called abatement. If you are unable to get the penalties waived and cannot afford to pay in full it may benefit you to enter into an installment agreement to make manageable monthly payments. Here is the link for the payment plans: IRS payment plan
Have an amazing day. Evelyn M (CPA 20+ years)
I would love a thumbs up 🙂 + Mark the post that answers your question by clicking on "Mark as Best Answer"
