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IRS: I missed the tax deadline, what happens now?

Millions of Americans rushed to get their tax returns in on time with the IRS, but it’s not unlikely that many forgot.

IRS tax return to file before the deadline or face penalties

So what happens if you forget to submit your taxes on time?

Failing to do this on time could result in penalties because it’s a mandatory process.

Taking care of it quickly could give you a much smaller penalty than if you wait longer to do it.

What happens if I don’t file my taxes on time?

What happens if I missed the IRS’ deadline but am owed a refund?

If you are owed a refund from the IRS then you do not have a penalty.

All that is happening is the government is holding onto your money interest free.

You have three years to complete your return and claim your refund.

IRS: Four states with a later federal tax deadline

If you get a premium tax credit to help pay your insurance then you should file as soon as you can.

If you forget to file you run the risk of losing the premium.

Fines for those who fail to file but owe the IRS

The longer you wait to file past the deadline, the higher your penalties will be.

This is because you no longer have the ability to request an extension.

The deadline for requesting an extension is the same day that taxes are due.

After 60 days, your penalty is in the hundreds, or your full tax return, whichever is less.

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