Federal taxes owed. How soon to pay ?

[asiingh]

Hello,

I owe around 5K in federal taxes. I am trying to figure out how soon the taxes owed, should be paid back to IRS ? I specifically want to know if there is a difference between paying the tax today vs (let's say) April 10 (right before the formal April 15 deadline). Are there any interest/penalties in these situations ? Anything else that I should be worried about ?

TurboTax already estimated a $30 penalty for insufficient withholding.

Thanks!

[DoninGA · Accepted solution]

Taxes owed on the 2023 federal tax return have to be paid on or before April 15, 2024.  Paying now or paying on the due date will have no affect on the amount of taxes owed and no other penalties will be applied if paid on or before the due date.

[asiingh]

Thank you.

So filing now and scheduling the direct debit on (let's say) April 10 will not incur any interest or penalties from IRS for the taxes owed ?
What about taxes owed to state (of IL) taxes in the same scenario?

[DaveF1006]

It must be submitted and paid on or before April 15 of this year. Please view this IRS source to determine what the interest and penalty fee would be.

[DoninGA]

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@asiingh wrote:

Thank you.

So filing now and scheduling the direct debit on (let's say) April 10 will not incur any interest or penalties from IRS for the taxes owed ?
What about taxes owed to state (of IL) taxes in the same scenario?

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Correct.  The same holds true for state taxes owed.

[SteamTrain]

And, Paying the 10th or before is smart too.

Computer systems get jammed just before the deadline (especially that weekend)....if any hangup occurs on getting the payment to go thru on the 15th, and it takes a day or 2 longer to get the payment started?...the IRS doesn't care who is at fault...late is late.