Filing late with TurboTax: what are the penalties

If I file after the (extended) dealind by using TurboTax, how do I compute the compute the penalties and the interest due (if any)?

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• Ask the Experts - Extension - Sept 2023

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Filing late with TurboTax: what are the penalties

No. You do not try to calculate penalties and/or interest, nor will TurboTax do that for you.

If you are getting a refund, there is not a penalty for filing past the deadline. If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Filing late with TurboTax: what are the penalties

There are no second extensions. So. after the October 2023 deadline you will just be late. Online tax preparation and e-filing will close after the October deadline, so if you miss it you will need to use the CD/download on a full PC or Mac, and mail your tax returns.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Filing late with TurboTax: what are the penalties

You have not mentioned a specific state. In general the same rule applies. You have three years to file without penalty if you are getting a refund or do not owe. After three years, you forfeit your refund.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

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Filing late with TurboTax: what are the penalties

No. You do not try to calculate penalties and/or interest, nor will TurboTax do that for you.

If you are getting a refund, there is not a penalty for filing past the deadline. If you owe taxes, the interest/penalties will be calculated by the IRS based on how much you owe and when they receive your return and payment. The IRS will bill you for this; it will not be calculated by TurboTax.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**