Late filing

If the 2022 tax return is being filed with a tax refund there are no penalties for filing after the due date.  A 2022 tax return can be filed at any time on or before April 15, 2026 for a tax refund.

Hello DV27, and thanks for joining us today!

Yes, if you have a refund, as a result of an overpayment of tax for 2022, you will still be able to claim your refund.  When you have a refund coming from the IRS, then there is generally no penalty for failing to file your income tax return by the deadline, even if you don't ask for an extension. 

However, If you have a balance due you will generally be assessed a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid with a maximum late payment penalty is 25% of the amount owed. In addition, you will also be charged interest which accrues on any unpaid tax from the due date of the return until the date of payment in full. The interest rate is determined quarterly and is the federal short-term rate plus 3 percent.  There is also a penalty for not filing on time. The failure-to-file penalty is usually five percent of the tax owed for each month, or part of a month that your return is late, up to a maximum of 25%. If your return is over 60 days late, there's also a minimum penalty for late filing; it's the lesser of $485 (for tax returns required to be filed in 2024) or 100 percent of the tax owed.

Fr more information on this topic, see:

• Filing Your Taxes Late 
• IRS notices and bills, penalties and interest charges 
• File Your 2022 Taxes  

Please feel free to reach backout with any additional questions or concerns you might have!

Have an amazing rest of your day!

Terri Lynn, EA

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