This year I messed up and forgot to hit pay on TurboTax. I ended up paying one day late. I called them immediately, and they said to wait for the fine notice around October.
It’s now November, and I haven’t received anything yet. I also moved within NYC recently but didn’t leave the state.
I don’t want to risk owing interest on the fine. How long does it usually take to get the fine notice after paying late? Is there a way to check what I owe online so I can pay it and move on?
Thanks!
Maybe they’re just letting it slide?
Cade said:
Maybe they’re just letting it slide?
This is the first time I’ve ever been late. I definitely learned my lesson!
How much did you owe on your return?
Kim said:
How much did you owe on your return?
Between $20k and $30k. I checked my transcripts, and they say I paid on April 16. My account balance, interest, and penalties are all showing zero as of May 2024. Are they really not going to fine me?
Have you checked your account transcript for 2023? You can get it here: Get your tax records and transcripts | Internal Revenue Service
Sam said:
@Sam
Oh, and my account now shows my new address. The transcript still has my old one, but I guess they know where to find me!
You’re probably fine. A penalty for paying $30k one day late would only be about $12. They usually don’t bother with such small amounts.
Davin said:
@Kim
Actually, 0.5% of $30k would be $150.
Oh wow, I thought it’d be thousands! I’ll keep an eye on the website just in case it gets charged later.
Davin said:
@Kim
Actually, 0.5% of $30k would be $150.
Oh wow, I thought it’d be thousands! I’ll keep an eye on the website just in case it gets charged later.
It’s been seven months. I think you’re in the clear. Not sure why, though.
Hadley said:
@Sam
You’re trusting TurboTax with a payment that big? Good luck!
The amount doesn’t necessarily mean the return was complicated. If it was just a one-time capital gain, even basic tax software could handle it.
But honestly, why wait until the last minute to pay something so large?
@Davin
Fair point, but waiting for a fine in October wasn’t great advice either.
I’ve had clients who intentionally wait to pay because they’d rather keep their money working for them. They’re not even phased by underpayment penalties.
Not saying it’s right or wrong, just what I’ve heard from people over the years.
Don’t stress, I think you’re fine.
Penn said:
Don’t stress, I think you’re fine.
Wait, really? I’ve been losing sleep over this!
No, April 15, 2024 was a Monday. Not sure what calendar that other person is looking at, but it’s wrong.
There’s a chance you were in a federal disaster area that got an automatic deadline extension. Here’s a list to check: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
@EmilyWilson
Thanks! Just checked, but no disaster relief for NY. I guess I’ll just count my blessings and move on.