Question

My schedule K is coming late in the year. I inherited an IRA in 2020. Will I have to pay a penalty if I don’t file by April 15, 2021 or will I be ok with the extension?

Forum|Forum|5 years ago
March 3, 2021
1 reply
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My biggest concern is that I may have to pay a late penalty to IRS if I don’t pay them the money on the IRA that I inherited by April 15th. Or will the extension allow me to pay what is due when I submit my taxes without penalty.

TurboTax Online

M

MinhT1

An extension is an extension to file your tax return, not an extension to pay taxes due.

It is your responsibility to estimate taxes due and pay them by April 15, 2021. If you do not, you are liable for penalty and interest.

Please read this TurboTax article for more information.

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My schedule K is coming late in the year. I inherited an IRA in 2020. Will I have to pay a penalty if I don’t file by April 15, 2021 or will I be ok with the extension?

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