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How much penalty will i have to pay if I file form 4868

New York, NY |

and owe around 20S in taxes for 2013

i meant 20 K for 2012

Attorney Answers 3


  1. It depends on whether you've withheld any taxes and whether you pay by April. If you request an extension to file through Form 4868, you still have to pay taxes on April 15, 2013. For taxes you owe that aren't paid by April 15, there can be interest, late payment penalties, and late filing penalties. The information can be found in the instructions to Form 4868, linked below.

    You will owe interest on any tax not paid by the regular due date of your return, even if you qualify for the 2-month extension because you were out of the country. The interest runs until you pay the tax. Even if you had a good reason for not paying on time, you will still owe interest. In 2012, the interest rate charged on underpayments was 3%.

    The late payment penalty is usually ½ of 1% of any tax (other than estimated tax) not paid by April 15, 2013. It is charged for each month or part of a month the tax is unpaid. The maximum penalty
    is 25%. The late payment penalty will not be charged if you can show reasonable cause for not paying on time. You are considered to have reasonable cause for the period covered by this automatic extension if at least 90% of your actual 2012 tax liability is paid before the regular due date of your return through withholding, estimated tax payments, or payments made with Form 4868.

    A late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or part of a month your return is late. The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $135 or the balance of the tax due on your return, whichever is smaller. You might not owe the penalty if you have a reasonable explanation for filing late.

    Robert Hoffman is a tax attorney licensed in California. The information presented here is general in nature and is not intended as a substitute for legal advice. This posting does not create any attorney-client relationship with the author. For competent advice about your particular situation, consult your own attorney.


  2. Interest will accumulate. In most cases, non-payment is capped at 25%.

    There may be ways to waive the penalties; see a tax attorney or a CPA about this.

    I note that you listed bankruptcy. Generally, you have to be three years from the due date before a tax is dischargeable. Filing the extension would extend this date, too.


  3. I agree with my colleagues. Do yourself a favor and pay the tax. Even if you are going to be late filing a 4868. Best of luck.

    This answer is provided by California Accident Attorney Manuel A. Juarez, Esq., 510-206-4492. Abogado de Accidentes de Autos de California: 510-206-4492. Abogado de Lesiones de Accidentes de Autos, provides answers of a general context. These answers are not intended to form an attorney client relationship. Oakland Abogado Accidentes Autos, Abogado de Lesiones Personales, Abogado de Accidentes de carros, Abogado de accidentes de Peatones, practices in Antioch, Berkeley, Concord, Oakland, Hayward, Martinez, Newark, Richmond, San Francisco and San Rafael. El abogado de lesiones y heridos en accidentes de autos, is licensed only in California. This information is good only in California and it is not to be taken as legal advice on car accidents, personal injury, divorce, bankruptcy or in any other type of situation. Esta respuesta es del Abogado de Accidentes de Autos, Abogado de Lesiones Personales, Abogado de Heridos en Accidentes de carros, Manuel A. Juárez, 510-206-4492. Abogado Hispano de Accidentes, Abogado de Divorcios, Abogado Latino de Accidentes, Abogado de Accidentes de Oakland, Hayward, San Francisco, California. Estas respuesta son solo para información general y no consisten en consejo legal sobre divorcios, mantención de esposas, mantención de hijos o bancarrotas. Las respuestas son comentarios legales que no forman una relación de abogado y cliente. Manuel Juarez, Esq., esta licenciado solo en el Estado de California.

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