Buzz
If you owe the IRS and fail to file or pay your taxes on time, you'll likely incur additional charges. The IRS applies both interest and penalties for late filings and payments, and this calculator shows you how much you could owe.
Maybe procrastination got the best of you, or you filed on time but made an error with your payment details, causing a delay. No matter the reason, if your return or payments aren't submitted on time and you owe money, expect to be hit with a fee.
TurboTax explains those fees here, but here's a quick summary for 2016:
The penalty for late filing is 5% of the outstanding taxes owed for each month (or partial month) your return is late, capped at a maximum of 25%.
If you file your taxes more than 60 days late, the minimum penalty is either $135 or 100% of your unpaid tax, whichever is less.
The penalty for late payments is 0.5% (half of 1 percent) of the unpaid tax for each month (or partial month) the tax remains unpaid, up to a maximum of 25%.
If both late-payment and late-filing penalties apply in the same month(s), the 0.5% late-payment penalty is waived.
The actual amount you owe will depend on how much you owe and how late your payment is. Enter your details into the Penalty Calculator at IRSCalculators.com for a quick breakdown. The results will show how much you owe in penalties, as well as the interest you can expect to pay based on your payment submission date. A summary of the breakdown will also be provided, along with resources for submitting an abatement letter to request a fee waiver.
Check it out yourself using the link below.
