We will file on time (by 01/15/2020) and will owe taxes. Can we delay paying taxes owed until 15 JUL without incurring any interest/ penalties? How will TurboTax do this?

[bluedeb · Accepted solution]

You have until 7/15/2020 to file your return.  You can defer payments, penalty and interest free, for up to 90 days (until July 15).  You will still have to pay the interest & penalty when the time comes to pay your taxes.  You can just wait to July 15, but if you pay it sooner that would be less penalty & interest. That is the IRS & State, TurboTax has no control over it.  

[bluedeb · Accepted solution]

added to the above answer.

[bluedeb · Accepted solution]

Here is so more information:

Typically, if you don't pay any tax you owe by the tax filing deadline — July 15— the IRS will charge you a penalty and interest on your outstanding balance. ... Deferment is just postponement; barring any additional government relief, you'll have to pay your balance when the deferment period is up.

[edited 3/25/20]

https://blog.turbotax.intuit.com/tax-news/is-the-tax-deadline-delayed-what-to-know-about-coronavirus...