2020 Failure to File Penalty Calculator
Failure to file penalty is imposed on a taxpayer who owes some money as per tax return but does not file his/her tax return by the tax deadline. For example, if you owe taxes for the tax year 2019 and miss filing your tax return by the due date – Wednesday, April 15, 2020 , you will have to pay penalty @5% per month unless you file extension of filing date. There are many other conditions as well that requires consideration.So we have developed a quick calculator to find if you are supposed to pay penalty for delay in filing the tax return.
Quick calculator for failure to file penalty
Computation logic for late filing penalty calculator
IRC Â§ 6651(a)(1) provides that the penalty for late filing shall be computed @ five percent of the tax due as on the due date for each month or partial month the return is late . This maximum penalty under section 6651(a)(1) can be 25 percent. However , if delay in filing is more than 60 days after the due date (including extensions), the penalty shall not be less than the lesser of two amountsâ
100 percent of the tax required to be shown on the return that the taxpayer did not pay on time, or
a minimum specific amount of penalty , which is adjusted annually due to inflation as follows:
- $215 for returns due on or after 1/1/2019;
- $210 for returns due on or after 1/1/2018;
- $205 for returns due between 1/1/2016 and 12/31/2017;
- $135 for returns due between 1/1/2009 and 12/31/2015;
Note: If taxpayers has no tax due or due a refund , there is no penalty if they file a late tax return.If they applied for extension and filed within that date, there is no late filing , so no penalty for failure to file income tax return. Check our irs tax calculator for getting a quick view on tax for 2020.