Question

IRs penalty estimate

Forum|Forum|1 year ago
April 2, 2025
1 reply
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Hello,

long story short I failed to file my 2023 tax returns. I filed them today and it says I owe IRS $5,588

could someone help me figure out how much my penalties will come out to? For not filing on time and not paying on time with any interest I might owe as well. I’m very concerned on my total and need to prepare myself to how much I will be owing at the end

AmyC

You have multiple penalties, Owing more than $5,000 is considered a substantial underpayment of taxes. You will be charged interest on top of the penalties. See Penalties and interest. The interest charged changes quarterly. Here are some real numbers, Section 10, Penalty and Interest Provisions.

The sooner you make payments, the better. You can pay the IRS online at Payments. If necessary, you can Apply online for a payment plan.

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