No. You do not try to calculate penalties and/or interest, nor will TurboTax do that for you.
If you are getting a refund, there is not a penalty for filing past the deadline. If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.
There are no second extensions. So.....after the October 2023 deadline you will just be late. Online tax preparation and e-filing will close after the October deadline, so if you miss it you will need to use the CD/download on a full PC or Mac, and mail your tax returns.
No. You do not try to calculate penalties and/or interest, nor will TurboTax do that for you.
If you are getting a refund, there is not a penalty for filing past the deadline. If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.
There are no second extensions. So.....after the October 2023 deadline you will just be late. Online tax preparation and e-filing will close after the October deadline, so if you miss it you will need to use the CD/download on a full PC or Mac, and mail your tax returns.
Thank you. Just to be sure: if I expect a return from the IRS (=don't owe taxes) and file past October 15, there will be no penalty (and no interest because there is no tax due). Correct?
Is the same for state taxes? Or each state have their own rules for that?
You have not mentioned a specific state. In general the same rule applies. You have three years to file without penalty if you are getting a refund or do not owe. After three years, you forfeit your refund.