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  • File Today, Pay Later?

    From Wade Garrett@21:1/5 to All on Sun Feb 20 19:05:18 2022
    Can I e-file my form 1040 today in February but not pay the balance due
    until April 10th-- without interest or penalty?

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

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  • From ira smilovitz@21:1/5 to Wade Garrett on Sun Feb 20 19:26:22 2022
    On Sunday, February 20, 2022 at 7:05:43 PM UTC-5, Wade Garrett wrote:
    Can I e-file my form 1040 today in February but not pay the balance due
    until April 10th-- without interest or penalty?

    --
    Yes.

    Ira Smilovitz, EA
    Leonia, NJ

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Rick@21:1/5 to Wade Garrett on Mon Feb 21 12:29:33 2022
    "Wade Garrett" wrote in message news:suujh8$iph$[email protected]...

    Can I e-file my form 1040 today in February but not pay the balance due
    until April 10th-- without interest or penalty?


    Of course. You can also generally do the reverse, which is to pay on April 10th but file an extension request and do the actual return up to six months later.

    --

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Boris@21:1/5 to Wade Garrett on Wed Mar 9 09:50:05 2022
    Wade Garrett <[email protected]> wrote in news:suujh8$iph$[email protected]:

    Can I e-file my form 1040 today in February but not pay the balance due
    until April 10th-- without interest or penalty?


    What would the purpose of that be? Why not file *and* pay on the 10th?
    Simply because you are ready to file?

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Rick@21:1/5 to All on Wed Mar 9 12:20:14 2022
    "Boris" wrote in message news:[email protected]...

    Wade Garrett <[email protected]> wrote in news:suujh8$iph$[email protected]:

    Can I e-file my form 1040 today in February but not pay the balance due
    until April 10th-- without interest or penalty?


    What would the purpose of that be? Why not file *and* pay on the 10th? >Simply because you are ready to file?


    Yes. If you have done all the work and you don't want to be bothered with remembering to file in April (or perhaps you will be busy in April with
    other things), you file in February or whenever and you specify on the
    return to deduct your payment from your account on April 10th.

    --

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Adam H. Kerman@21:1/5 to Boris on Wed Mar 9 12:19:57 2022
    Boris <[email protected]d> wrote:
    Wade Garrett <[email protected]> wrote:

    Can I e-file my form 1040 today in February but not pay the balance due >>until April 10th-- without interest or penalty?

    What would the purpose of that be? Why not file *and* pay on the 10th? >Simply because you are ready to file?

    A due date is a due date. Paying on the due date is timely. There's no advantage to the taxpayer in paying early.

    That's fewer days that the government has to wreak havoc with the
    taxpayer's money.

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From ira smilovitz@21:1/5 to Adam H. Kerman on Wed Mar 9 21:17:21 2022
    On Wednesday, March 9, 2022 at 12:23:38 PM UTC-5, Adam H. Kerman wrote:
    Boris <[email protected]d> wrote:
    Wade Garrett <[email protected]> wrote:

    Can I e-file my form 1040 today in February but not pay the balance due >>until April 10th-- without interest or penalty?

    What would the purpose of that be? Why not file *and* pay on the 10th? >Simply because you are ready to file?
    A due date is a due date. Paying on the due date is timely. There's no advantage to the taxpayer in paying early.

    That's fewer days that the government has to wreak havoc with the
    taxpayer's money.
    --

    Failure to file penalty is 5% of unpaid balance per month. Failure to pay penalty is only 0.5% of the unpaid balance per month. File early to avoid the larger penalty.

    Ira Smilovitz, EA
    Leonia, NJ

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From Maria Ku@21:1/5 to All on Sun Mar 13 00:06:22 2022
    There is a disadvantage of filing early - you end up with a statue of limitations longer than 3 years. Your 3 years start ticking from the later of the due date or the filed date.

    Maria U. Ku, CPA
    Oakland, CA

    --
    << ------------------------------------------------------- >>
    << The foregoing was not intended or written to be used, >>
    << nor can it used, for the purpose of avoiding penalties >>
    << that may be imposed upon the taxpayer. >>
    << >>
    << The Charter and the Guidelines for submitting posts >>
    << to this newsgroup as well as our anti-spamming policy >>
    << are at www.asktax.org. >>
    << Copyright (2011) - All rights reserved. >>
    << ------------------------------------------------------- >>

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)