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Any penalties and interest for the late payment of the taxes owed and the late filing of the tax return will be calculated by the IRS once the IRS has received the tax return and payment for the taxes owed. The IRS will send you a bill in the mail to pay the penalties and interest.
Penalties and interest are not entered on a tax return nor are they deductible on a tax return.
There is no penalty for filing after the due date if the return is being filed for a tax refund.
Any penalties and interest for the late payment of the taxes owed and the late filing of the tax return will be calculated by the IRS once the IRS has received the tax return and payment for the taxes owed. The IRS will send you a bill in the mail to pay the penalties and interest.
Penalties and interest are not entered on a tax return nor are they deductible on a tax return.
There is no penalty for filing after the due date if the return is being filed for a tax refund.
The penalty for filing late is 5% of the total tax
assessed that was not paid when due. It is charged
each month or part of a month the return is late, for
up to 5 months.
The penalty for paying late is initially ½% of the
unpaid tax shown on the return. It is charged each
month or part of a month following the payment due
date until the tax is paid. The penalty increases to 1%
of the unpaid tax for any tax that is not paid within
10 days after we issue a notice of intent to levy.
However, the total penalty cannot exceed 25%.
When both penalties are charged for the same
month, we reduce the penalty for filing late by the
penalty for paying late for that month.
None of these answers address the question. I also want to know how to add the late fee into my payment.
@jeff_elbel You cannot add the late fee yourself, nor will TurboTax calculate it for you. If you are filing a late tax return with tax due, then when the IRS receives your return with the payment of the tax due shown on the return, the IRS will bill you later for the late penalty and interest that the IRS will calculate.
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