Penalty Waived For Some Late Tax Filers This Year
PITTSBURGH (KDKA) -- If you are among the millions of Americans who have not yet filed your tax returns, this may be good news for you.
"We are waiving a late payment penalty for those folks who are unable to finish their 1040," IRS spokesperson Jennifer Jenkins told KDKA money editor Jon Delano.
But wait, this doesn't apply to everybody whose tax returns are due April 15, only to those who could not file early in the tax season because the IRS was late this year in supplying certain forms for deductions and credits.
"There was late tax law passed, and it does take us awhile to get all the forms updated for the current tax year," noted Jenkins.
The waiving of penalty applies to 29 different forms, including those covering residential energy credits (Form 5695), the work opportunity credit (Form 5884), qualified adoption expenses (Form 8839), education credits (Form 8863), energy efficient home credit (Form 8908), energy efficient appliance credit (Form 8909), and the alternative motor vehicle credit (Form 8910).
Of course, waiving the penalty on taxes owed for filing late does not save you from one extra cost.
"They'll still have interest charges on any money that may be due," said Jenkins.
Bottom line, if you know you owe money and won't be getting a refund -- to avoid any charges, it's best to pay that money by April 15 and do the paper work later.
"Try at least to estimate how much you think you might owe, get a ballpark figure, then try to pay what you are able by the filing deadline," said Jenkins.
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