I filed for an extension and filed my taxes on October 15th. I paid what I owed and just got a failure to file/failure to pay penalty in the mail. I used turbo tax and noticed that my return wasn’t accepted until the next day (October 16th). Would that be a reason for this letter or is it something else?
Failure to file/failure to pay
byu/SignificanceFirm4185 intax
Posted by SignificanceFirm4185
4 Comments
My limited understanding is that if you request an extension, you still have to pay in april. The extension allows you to *file* later, not pay later if you owe.
You were still expected to estimate to the best of your ability and pay in April.
Does your actual IRS transcript show the filed extension? The FTF may be erroneous.
Are you able to access your online account transcript for 2024?
https://www.irs.gov/individuals/get-transcript
>I used turbo tax and noticed that my return wasn’t accepted until the next day (October 16th). Would that be a reason for this letter or is it something else?
How big of a FTF penalty was it? Was it for 1 month or for 7 months?