There are two penalties which would be assessed plus interest.
1. Late filing penalty - which is 5% per month on the tax due, not to exeed 25% of the total tax.
2. Late payment penalty - which is one half of one percent per month, again not to exceed 25% of the total tax due.
3. Interest is compounded daily and the interest rate
, so it would be impossible to give you an exact figure on the interest. But a ballpark would be to figure it at 6% per year.
So your late filing penalty would be $215.
Your late payment penalty will also be $215.
Your interest should be approximately $500.
When you send your return
in to the IRS
, they will calculate the exact amount of penalties and interest that are due and will send you a notice of what the total amount is with those penalties and interest.
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Thank you bewildered.