This Calculator Breaks Down Your Late IRS Fees
If you owe money to the IRS and do not file or pay taxes on time, you will most likely have to pay in fees. The IRS charges interest and penalties for late filings and payments, and this calculator shows you how much you can expect to pay.
Maybe procrastination took over . Or maybe you filed on time but made a mistake in your billing information and now your payment is on hold. Whatever the scenario, if you don’t receive your refunds or payments from the IRS on time, you can expect to be paid a commission (if you owe them money).
TurboTax details these fees here , but here’s what they are for 2016:
- The late filing penalty is 5% of the additional taxes due for each month (or part of it) for which you delay the refund, but not more than 25%.
- If you apply more than 60 days after the due date, the minimum penalty is $ 135 or 100% of your unpaid tax, whichever is less.
- The penalty for late payment is 0.5% (1/2 of 1 percent) of the amount of additional tax for each month (or part of it) of unpaid due tax, but not more than 25%.
- For any month (s) in which late payment and late filing penalties apply, there is no 0.5% late payment penalty.
Your actual amount obviously depends on how much you owe and how long you are late. Paste this information into the Penalty Calculator at IRSCalculators.com for a quick breakdown. The results will show you how much you owe by type of penalty and how much you can expect to pay in interest, depending on when you actually submit your payment. You will also receive a summary of the details behind the numbers, as well as resources on how to send an emission reduction letter to waive your fees.
See for yourself using the link below.
IRS Penalty Calculator | IRSCalculators.com