We will file on time (by 01/15/2020) and will owe taxes. Can we delay paying taxes owed until 15 JUL without incurring any interest/ penalties? How will TurboTax do this?

Forum|Forum|6 years ago
March 19, 2020
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TurboTax Premier Online

Best answer by bluedeb

You have until 7/15/2020 to file your return. You can defer payments, penalty and interest free, for up to 90 days (until July 15). You will still have to pay the interest & penalty when the time comes to pay your taxes. You can just wait to July 15, but if you pay it sooner that would be less penalty & interest. That is the IRS & State, TurboTax has no control over it.

bluedeb

Answer

Alumni - Champ

bluedeb

Alumni - Champ

added to the above answer.

bluedeb

Alumni - Champ

Here is so more information:

Typically, if you don't pay any tax you owe by the tax filing deadline — July 15— the IRS will charge you a penalty and interest on your outstanding balance. ... Deferment is just postponement; barring any additional government relief, you'll have to pay your balance when the deferment period is up.