topic Does the extension of the federal filing date to May 17, 2021 also apply to underpayment penalty amounts? in Retirement tax questions

Does the extension of the federal filing date to May 17, 2021 also apply to underpayment penalty amounts?

psha2006 — Fri, 19 Mar 2021 16:00:21 GMT

Re: Does the extension of the federal filing date to May 17, 2021 also apply to underpayment pena...

DanaB27 — Sat, 20 Mar 2021 14:16:23 GMT

Yes, you have time to pay your taxes due until May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

But this relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.

Re: Does the extension of the federal filing date to May 17, 2021 also apply to underpayment pena...

Jahamid — Wed, 05 May 2021 18:58:28 GMT

I am using turbo tax premier. I realize on the summary page,

I have to pay penalty/interest.

May I know what that is as I paid my tax in full last year too

thank you

Re: Does the extension of the federal filing date to May 17, 2021 also apply to underpayment pena...

ThomasM125 — Wed, 05 May 2021 23:43:47 GMT

The penalty amount is listed on line 38 of your tax return form 1040.

Re: Does the extension of the federal filing date to May 17, 2021 also apply to underpayment pena...

gaccda — Mon, 17 May 2021 23:34:23 GMT

Hi, I am having the same issue and am hoping for some feedback as well

Re: Does the extension of the federal filing date to May 17, 2021 also apply to underpayment pena...

DawnC — Mon, 17 May 2021 23:47:00 GMT

As Dana states above, you have time to pay your taxes due until May 17, 2021.

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

But this relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. @gaccda