Reply To: 2nd Stimulus Check and Late Tax Filing

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#7961
kaneohe
Participant

What do you have to gain by filing later?

from BH:

by MarkNYC » Sat Oct 10, 2020 10:50 pm

kaneohe wrote: ↑Sat Oct 10, 2020 7:44 pm
grabiner wrote: ↑Sat Oct 10, 2020 7:00 pm
………………………………. (There is a minimum $435 penalty for a return filed more than 60 days late, though; ………………………………………
Is this true if the tax due was low? Most things I have read compare several things and take the lesser of the 2 as penalty……..Thanks for clarifying.

When the tax return is filed more than 60 days late, the minimum penalty for late-filing is the lesser of: (1) $435 or (2) the actual tax amount required to be shown on the tax return (not just the unpaid tax amount).