Federal taxes owed. How soon to pay ?

Forum|Forum|2 years ago
February 16, 2024
2 replies
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Hello,

I owe around 5K in federal taxes. I am trying to figure out how soon the taxes owed, should be paid back to IRS ? I specifically want to know if there is a difference between paying the tax today vs (let's say) April 10 (right before the formal April 15 deadline). Are there any interest/penalties in these situations ? Anything else that I should be worried about ?

TurboTax already estimated a $30 penalty for insufficient withholding.

Thanks!

Not A Product Question

Best answer by DoninGA

Taxes owed on the 2023 federal tax return have to be paid on or before April 15, 2024. Paying now or paying on the due date will have no affect on the amount of taxes owed and no other penalties will be applied if paid on or before the due date.

DoninGAAnswer

Employee

asiinghAuthor

Thank you.

So filing now and scheduling the direct debit on (let's say) April 10 will not incur any interest or penalties from IRS for the taxes owed ?
What about taxes owed to state (of IL) taxes in the same scenario?

DoninGA

Employee

@asiingh wrote:

Thank you.

So filing now and scheduling the direct debit on (let's say) April 10 will not incur any interest or penalties from IRS for the taxes owed ?
What about taxes owed to state (of IL) taxes in the same scenario?

Correct. The same holds true for state taxes owed.

DaveF1006

It must be submitted and paid on or before April 15 of this year. Please view this IRS source to determine what the interest and penalty fee would be.

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