If I file for an income tax extension do I have to pay any penalties or interest?
Answers
951 points
Grudun answered 8 months ago …
You might if you don't pay any tax due with your extension. If you are get a refund(not just expect but actually get one when you file) you should be okay.
Read more from Grudun flag as abuse great answer
103 points
mbigley answered 8 months ago …
I am not a tax expert but I have filed extensions. Keep in mind that the extension is only for filing your paperwork. The I.R.S. and whatever state tax entity you deal with expects your/their money on time. If you know that you owe money but are not sure down to the penny what the amount is then send a check with the appropriate form for your ballpark figure. If you are low on your estimate then you only have to pay interest and/or penalties on the difference. If your estimate is high then you will get back the difference.
Read more from mbigley flag as abuse great answer
583 points
jillybeansisme answered 8 months ago …
mbigley is correct. Even if you file for an extension, you must pay the amount due by April 15th or you will be penalized and have interest accrue. The IRS won't come after you for approximately three years and all that interest and penalties will escalate.
Read more from jillybeansisme flag as abuse great answerMore from this Category
When do you think tax loss selling will kick in? December? Earlier?Asked by DaveDiggz in Tax Issues 2 weeks ago
Do I automatically get audited if I deposit more than $10,000 in one shot at my bank?Asked by Intern in Tax Issues 3 weeks ago
Am I going to be hit with another Canadian Income tax bill ?Asked by maurice in Tax Issues 3 weeks ago
If I gift a chunk of money to my kids will they incur any taxes?Asked by TBone in Tax Issues one month ago
How many years can you go without paying taxes before the government comes after you?Asked by StockGangster in Tax Issues one month ago
