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Can you receive a failure to file penalty even with a Tax Extension if you don't pay a certain amount by April 15th?

Forum|Forum|3 years ago
October 12, 2022
1 reply
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Just wondering, I read somewhere earlier that you can get a Failure to File Penalty if you don't pay 85% or 90% even with an extension 4868 .....

Or did they mean Failure to Pay penalty?

As I know the Failure to File Penalty is alot more.

So if someone only paid 50% or 70% of what they owed by April 15th and paid the rest in October that would not cause the Failure to File Penalty as well correct? (if person had an extension)

Thanks!

TurboTax Home & Biz Windows

Best answer by Bsch4477

It won’t invalidate your extension.

B

Bsch4477

Employee

Correct. A failure to file penalty is charged on returns filed after the due date or extended due date, absent a reasonable cause for filing late.

But if you didn’t pay enough tax with your extension you could have an underpayment penalty.

davsea17Author

Thanks for your response. I was more wondering though if you file an Extension but don't pay a certain percentage by the April 15th date can that cause your extension to be considered invalid and you also end up with a failure to file penalty?

I read that, but maybe that is just corporate returns??