See below about filing late. The penalty for filing late starts out as a percentage of taxes owed for those who owed taxes. The government wants its money on time. If you owe no additional tax, you have an extra 60 days to file. But after those 60 days, the IRS will charge you $435 for filing late even though you owed no tax.
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Also, if you want your refund, you must file within three years of the due date. From the IRS website: Filing Past Due Tax Returns | Internal Revenue Service (irs.gov)
"Claim a Refund
You risk losing your refund if you don't file your return. If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the return due date. The same rule applies to a right to claim tax credits such as the Earned Income Credit."
From the IRS website: Failure to File Penalty | Internal Revenue Service (irs.gov)
"The Failure to File Penalty applies if you don't file your tax return by the due date.
The penalty you must pay is a percentage of the taxes you didn't pay on time.
How You Know You Owe the Penalty
We send you a notice or letter if you owe the Failure to File Penalty. For more information, see Understanding Your IRS Notice or Letter.
How We Calculate the Penalty
We calculate the Failure to File Penalty based on how late you file your tax return and the amount of unpaid tax as of the original payment due date (not the extension due date). Unpaid tax is the total tax required to be shown on your return minus amounts paid through withholding, estimated tax payments and allowed refundable credits.
We calculate the Failure to File Penalty in this way:
- The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.
- If both a Failure to File and a Failure to Pay Penalty are applied in the same month, the Failure to File Penalty is reduced by the amount of the Failure to Pay Penalty for that month, for a combined penalty of 5% for each month or part of a month that your return was late.
- If after 5 months you still haven't paid, the Failure to File Penalty will max out, but the Failure to Pay Penalty continues until the tax is paid, up to its maximum of 25% of the unpaid tax as of the due date.
- If your return was over 60 days late, the minimum Failure to File Penalty is $435 (for tax returns required to be filed in 2020, 2021 and 2022) or 100% of the tax required to be shown on the return, whichever is less."
