Fileing for taxes late when you are getting a refund.

[etgaw1]

Ok I am a bad person fo not filing my taxes on time and not filing for an extention but how bad is it to file late? I know I getting a refund if that factors in at all. Will they be just charge me a fee for filing late? Well I guess that is my question. What penelty will there be for filing for my refund late?

[etgaw1]

I am sorry for that, I hit submit when I meant to hit preview. Please forgive all spelling and grammer errors in the OP.

[Ringo]

5% penalty right off the bat for filing late. C'mon pal, you've got until midnight to get that extension in.

[lorinada]

Well, IANAtaxL, but I have never owed taxes; I have always filed solely to get a refund. I have also never filed before April 15th, and I have never had a penalty charged.

I was told decades ago that April 15th only applies if you owe taxes, and either that is true or I have been very, very lucky over the years.

[mnemosyne]

I don't know about the US, but in Canada the fine is 5% of your return, and an additional 1% for every month late.I imagine the same sort of thing goes for the States. Check the IRS (is that it? The equivalent to Revenue Canada?) website, or whatever documentation comes with the tax forms. You should be able to find the penalty somewhere in the first couple of pages, I would think.

[Manda JO]

I've filed late: one time I filed over a year late., got my refund with out any quesitons or deductions. This was maybe four years ago.

[Reeder]

If they owe you money, they hope to hell you never file.

[cleops]

Originally posted by Ringo
5% penalty right off the bat for filing late...

Never heard of that.

[ski]

The penalty is based on a percentage of what you owe, isn't it? So if you don't OWE anything, the penalty will be zero.

[cleops]

hey, ski, "simul-post" or whatever they call it.

[waterj2]

Five minutes on the IRS website (at 11:40 PM April 15th, EST)

http://www.irs.gov/faqs/display/0,,i1%3D54%26genericId%3D15902,00.html

Late filing penalties are based on the amount owed. If you have a refund coming there will be no penalty.

[SmackFu]

Although they still want you to file form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

The refund section of IRS FAQ (http://www.irs.gov/faqs/display/0,,i1%3D54%26genericId%3D15726,00.html) has this beauty explaining why:An example of a subsequent adjustment that results in an underpayment of tax is an examination of your return with changes that increase your total tax owed.Much clearer now, eh?

[etgaw1]

Many thanks all, I looked at the IRS website, I guess I am blind. You are all good people.

[suziek]

Penalties, e.g., Failure to File, Failure to Pay, and interest are assessed on delinquent tax balances. You have 3 years from the due date of the return to file for a refund. You could, under certain circumstances, be asked to prove that you are due a refund, but if you are an individual taxpayer with sufficient withholding, I wouldn't worry about it. Self-employed people will probably owe FICA tax and income tax if they don't have withholding from wages or pay estimated tax that could possibly cover it. At least one state, California, assesses a Failure to File penalty even if you don't owe tax.

[dead0man]

I didnt file for last year until this year. No penalty on my refund.
dead0man

[handy]

"5% penalty right off the bat for filing late"

Oh, I thought you meant THEY pay you 5% more.

[dreamlab]

There are some states that have a minimum penalty for filing after the due date, so you could get charged even if you don't owe. For example, Kentucky has a minimum penalty of $10. You could get it waived for cause, and being such a small amount, it would probably get accepted even for the lamest excuse.

[Ms. Lois]

Most folks who don't file timely do so because they owe, hence the penalty for not filing. Folks who don't file and are owed refunds are merely extending the intrest-free loan they've volunteered to give the government. THe government doesn't want to discourage this "free money", so they don't penalize these late filers.

[CookingWithGas]

Originally posted by SmackFu
Although they still want you to file form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

The refund section of IRS FAQ (http://www.irs.gov/faqs/display/0,,i1%3D54%26genericId%3D15726,00.html) has this beauty explaining why:An example of a subsequent adjustment that results in an underpayment of tax is an examination of your return with changes that increase your total tax owed.Much clearer now, eh?

I would agree the quote looks a bit tautological but all they mean is that you might think you're getting a refund but you could have made an error that results your owing tax after the IRS has corrected your return, in which case you will be assessed a penalty. So to be on the safe side file on time.

[Chronos]

Man, Cecil's covered everything (http://www.straightdope.com/classics/a960405.html)