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Question

I was granted an extension until October 2017. Will I still have to pay failure to pay, failure to file, and interest based on original tax deadline of April 18, 2017.

Forum|Forum|7 years ago
June 6, 2019
1 reply
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TurboTax Premier Online

Level 15

If you have taxes owed that were not paid as of April 18, 2017 on the 2016 tax return, there will be a failure to pay penalty and interest on the amount of the taxes owed and not paid. Since you filed an extension request, there will not be a failure to file penalty if you file the return on or before October 16, 2017. The IRS will send you a bill in the mail for the penalties owed after they receive your tax payment.

See this IRS website for penalties - https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest