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Can I still efile today (1 day late)? What is the penalty for 1 day late if I owe money?

 
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5 Replies

Can I still efile today (1 day late)? What is the penalty for 1 day late if I owe money?

E-filing for 2020 returns stays open until mid-October.    Just file your return and pay the tax due as soon as you can.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
JotikaT2
Employee Tax Expert

Can I still efile today (1 day late)? What is the penalty for 1 day late if I owe money?

Yes, you can electronically file today.  Just follow the steps as prompted in TurboTax.

 

Please see the link below to help you calculate how much your late filing and payment penalties would be based upon the amount of taxes due by the filing deadline.

 

What's the IRS penalty if I miss the tax filing deadline

 

 

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Can I still efile today (1 day late)? What is the penalty for 1 day late if I owe money?

The penalty for late paying is 5% of the amount you owe, for each month or part of a month, for the first 5 months, then 1/2% per month after that.  So being even 1 day late, the penalty will be 5% of what you owe.  There are some minimum penalties that can be more than 5% if you are more than 60 days late.

 

The penalty for late filing is 1/2% per month, but this penalty is not assessed for any month when you are also assessed the full 5% late payment penalty.

 

You will also be charged interest on the late amounts (tax plus penalty) at about 4% APR.

 

However, I would not pay a penalty now, even if Turbotax attempts to calculate it.  Wait until the IRS sends you a bill.  Then, you can request penalty relief for cause or if this is the first time you ever owed a penalty.

https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penal...

Can I still efile today (1 day late)? What is the penalty for 1 day late if I owe money?

I believe you have that backwards.  

 

The late filing penalty is 5%; the late payment penalty is 0.5% per month.

 

https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest

 

Can I still efile today (1 day late)? What is the penalty for 1 day late if I owe money?


@phildonnia wrote:

I believe you have that backwards.  

 

The late filing penalty is 5%; the late payment penalty is 0.5% per month.

 

https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest

 


Yes,I think I have done that more than once.

https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest

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