Question on Taxes - using Turbo Tax

[progree]

7. Failure to file tax return on time - Nerdwallet

https://www.nerdwallet.com/article/taxes/penalty-for-failure-to-file-taxes

What is the penalty for not filing taxes?

The penalty for not filing taxes (also known as the failure to file penalty, or the late filing penalty) usually is 5% of the tax you owe for each month or part of a month your return is late. The maximum failure to file penalty is 25%. If your return is more than 60 days late, the minimum penalty for not filing taxes is $435 or the tax you owe, whichever is smaller.

Good news: You might not owe the penalty if you have a reasonable explanation for filing late. You can attach a statement to your return explaining your reason for filing late.

The late filing penalty is not the same as the late payment penalty. The late filing penalty punishes people who don’t turn in their Form 1040 and other important tax documents on time.

The late payment penalty punishes people who pay their taxes late. It is 0.5% of your unpaid taxes for each month your outstanding taxes are unpaid. Add interest on top of that.


The failure to file penalty usually doesn’t apply if you’re due a refund

If the IRS owes you money and you haven’t filed a tax return to claim it, get cracking! You typically have just three years to claim a tax refund. There is usually no penalty for failure to file if your tax return results in a refund.

If you are still worried about it, it's also easy to file an extension which is automatically accepted and gives you until October 15