Author Topic: Filed an extension but looks like I owe...  (Read 1215 times)

Baylor3217

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Filed an extension but looks like I owe...
« on: April 21, 2013, 01:53:43 PM »
Total due is going to be about $4,500.

If I complete it by tonight, what penalties would I typically owe?  Anyone had any experience with this?

mugwump

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Re: Filed an extension but looks like I owe...
« Reply #1 on: April 21, 2013, 01:57:58 PM »
Theoretically, you should pay what you owe when you file the extension.  If you didn't do that, you will have some penalties for sure.  Other penalties depend on your withholding and the amount of last year's taxes.  If your withholding was = %100 of last year's taxes, you should have no additional penalties.  If you are using TurboTax, the penalties will be calculated automatically.