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Am I going to have penalties for filing this late?

Paid all the tax due and filing late. Do I pay any penalties for late filing? Thanks.

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2 Replies

Am I going to have penalties for filing this late?

KarenL4
Employee Tax Expert

Am I going to have penalties for filing this late?

Hi, zhuangwul,

Unfortunately, yes, if you filed your taxes after the initial due date and you did not file an extension and you paid your taxes after the due date, you are facing both a failure to file timely penalty and a failure to pay penalty. 

The failure to file penalty is  5% of the unpaid tax for each month or part of a month that your return is late.  The failure to pay penalty is 0.5% of the tax you owe per month or part of a month, but it also caps at 25% of the tax due. If you set up an IRS installment agreement, the IRS will reduce your failure to pay penalty to 0.25% of the tax you owe while the installment agreement is in effect. Here is an article with some more information that may help you.  The article also has some information about how to remove penalties. Consider caution before using the "first time penalty abatement."  I like to think of it as a one-time penalty abatement and consider saving it for something big...

For future reference, consider filing for an extension on or before the due date.  We recommend this even if you believe you will receive a refund, as an examination may later change an anticipated refund to a balance due and result in penalties. Here's an article on personal income tax extensions that may help for next year.

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Regards,

Karen

 

 
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