Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

For a ny state partnership tax return, if you file an

extension but don't pay anything...
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (for not doing estimated taxes & for now paying by April 15) or do they also not recognize the extension and charge you a failure to file penalty since you didn't pay at least most of taxes owed by April 15?
Show More
Show Less
Ask Your Own Tax Question
Answered in 4 minutes by:
11/1/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi Rus,

...

The failure to pay penalty (both IRS and NY) starts on the due date.

...

It's only the failure to file penalty where you're buying time with the extension

..

Lane

Ask Your Own Tax Question
Customer reply replied 9 months ago
Yeah i know you still owe the money by the original deadline but will they also ADD a failure to file penalty if you DO file an extension but pay nothing by the original deadline

There are two different penalties:

...

(1) Failure to pay (late pay is also covered here, so that if you dont pay some or ALL of what it turn out was owed, that unpaid amount incurs the penalty.

...

(2) Failure to file (or late filing). The failure to file/late filing penalty does not apply until after the extension date if there was a timely filed extension.

...

So in your scenario, there's no late filing penalty IF (1) you filed an extension timely, and (2) you get the return filed by the due date of the extension.

...

Does that help?

...

Lane

Ask Your Own Tax Question

By the way, (may be stating the obvious, but) the BASIS for both penalties is tax due. So if there was no tax due (it's obvious that there cannot be a late payment penalty) but in that scenario there's no late filing penalty either. (Y x 0 = 0)

Ask Your Own Tax Question

Good to hear from you nagain Rus. Let me know if this still isn't clear.

...

And as always, If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") - Otherwise JA doesn't credit me for the work.

...

Thanks,

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,894
14,894 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
For the past seven years I have filed for an extension, with
For the past seven years I have filed for an extension, with a payment that was estimated to cover the tax liability +, however I failed to file the actual tax documents, due to various reasons. (lost… read more
James Daloisio
James Daloisio
Attorney
Doctoral Degree
581 satisfied customers
I understand there is 5% penalty AND interest paid on tax
I understand there is 5% penalty AND interest paid on tax owed if the return is late (after 4/15). Do I avoid the penalty by filing the 'extension' (or whatever it's referred to as), but still pay the… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If all my income would only consist of 3k in dividents
if all my income would only consist of 3k in dividents (spread out through 2017) and receiveing capital gain of 40k when I sell stock on December 15, 2017. How is my tax penalty would be calculated fo… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
I am trying to use FreeTaxUSA for my extension. My daughter
I am trying to use FreeTaxUSA for my extension. My daughter of 23 wants to use it too. Need to know how to answer total of tax liability and est of tax liability minus payment due, last year we both o… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
EMP 18 YEARS. HAVE BEEN FILING AS SOLE PROP ENTIRE TIME.
I AM SELF EMP 18 YEARS . HAVE BEEN FILING AS SOLE PROP ENTIRE TIME . BEEN FILING FOR TAX EXTENTION APR 15 , PAYING OCT 15 FOR ABOUT 12+ YEARS . USUALLY PAID LIKE 1/4-1/3 OF TOTAL TAX WHEN I FILED FOR … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I was just assessed a late filing penalty of over $1,400
I was just assessed a late filing penalty of over $1,400 plus interest on my NJ 2015 return. Is there any way to have this amount reduced? … read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
14,894 satisfied customers
I have not filed a tax return , but I have paid the
I have not filed a tax return for 2013, but I have paid the taxes that were due at the time. This year I will be facing a similar situation. I owe taxes but I cannot complete the filing by April 15th.… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I have an S corp with business in multiple states. Can you
I have an S corp with business in multiple states. Can you pl let me know which states accepts Fed Extension and which states need separate extension to file s corp return Thanks… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
14,894 satisfied customers
I usually dont owe any taxes at tax time. My family has had
I usually don't owe any taxes at tax time. My family has had a lot of illness and deaths this past year and I have been covered up with all their papers, business, closing estates and my own illness t… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I recently received a lump sum distribution of approximately
I recently received a lump sum distribution of approximately 150K from a deferred compensation plan sponsored by the hospital I practice at. It was a plan to compensate physicians for being on call. I… read more
abci168
abci168
Principal
27 satisfied customers
Hi Steve, Last year my wife and I (joint return) owed a
Hi Steve, Last year my wife and I (joint return) owed a total of roughly $12,000. in taxes. This year to date, we have paid in $9,000.00 (pre-payments for 2011) and are late in our pre-payment schedul… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
forgot to report a sale on house in 2010 we owe $788.00 for
forgot to report a sale on house in 2010 we owe $788.00 for the tax year 2010 how much do we owe in interest and penalties, etc… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
We had a variable annuity with a cash out value of $163,000.00
We had a variable annuity with a cash out value of $163,000.00 which we got and used to purchase a 2nd home. The home was $71,000.00 and renovations and repairs were about $70,000.00. Now after not be… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
1,363 satisfied customers
Hi, When is the IRSs fiscal year end and when do I need
Hi, When is the IRS's fiscal year end and when do I need to submit an individual tax return by for the rental income i've received?… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
2 questions First Im trying to send in my estimated
2 questions: First: I'm trying to send in my estimated fed & state taxes today, and I have no idea how to estimate them. How do I go about estimating what I should send today, or should I just send in… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I applied for a tax extention online in April. Then did my
I applied for a tax extention online in April. Then did my a taxes on turbo tax online on the deadline October 14 or 15 whatever the deadline was. When I got my tax bill they billed me 3 thousand doll… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
I am a sole proprietor of a small business. I submitted my ...
I am a sole proprietor of a small business. I submitted my tax information to my accountant on March 20th, and was told my return would be finished in 7-10 days. To make a long story short, after nume… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
I have a defered filing of my on line 2005 tax return.
I have a defered filing of my on line 2005 tax return. I owe 4668 in additional taxes. What is my payout in 30 days with penelty and interest.… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x