Thursday, April 15, 2004 :::
There's no penalty for filing late for a refund, except, of course, that you forego any earnings on that refund until you get it. If the IRS wants yet more money from you, even after all they made off with last year, you can get an automatic extension on filing, but not on payment; I guess you're supposed to take a stab at it and try to send in at least the right amount, hoping to get back the difference later. But if you hear otherwise from someone who knows what they're talking about, listen to that instead of me.Addendum: I don't know whether the rules, even insofar as I have them correct for the feds, are the same for the state of Illinois, but if I'd had no interest, dividends, or capital gains, I would be due a 4¢ refund. I'm not sure to what extent it's supposed to be viewed as optional to file your taxes, but if, as I understand it, there's no penalty for never doing so if you're due a refund, it wouldn't be worth the postage stamp for me to file. (As it is there are enough adjustments that this isn't even terribly close to the situation.) Addendum 2: This guy seems to know what he's talking about. If you make this payment and cover at least 90% of your real liability, you win. You don’t pay a late filing or late payment penalty. Earlier he implies that the penalty for filing late applies only if you need to pay more taxes.
::: posted by dWj at 9:39 AM
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