Julie
Julie, I am sorry you put this off. You are not going to jail but you should cut your losses and file your return as soon as possible. Here are the penalties you are looking at:
- The failure to file penalty is usually 5% per month for each month that you don't file, up to a maximum of 25%.
- That is not all, if you owe money you are a subject to a 1/2 of 1% penalty of your unpaid amount per month, or part of month.
- That is not all, if the IRS sends you a notice demanding payment the failure to pay penalty increases to 1 persent per month for any tax that remains unpaid the day after the demand.
If you would have filed on time but did not pay the tax the failure to pay penalty rate would have been reduced to 1/4 of 1% per month.
Larry Kopsa CPA
