Your balance due won't show up on the IRS website until a few weeks after you file. On a $20k balance that would be approximately $167 a month if you didn't pay anything to the IRS. It depends on how much you can comfortably afford to pay now, of course.įiling an extension on your federal tax return doesn't change the penalties and interest you will be charged by the IRS whatever is not paid by April 18 will be subject to Failure to Pay penalties (0.5% per month or partial month) plus interest - 4% per year, assessed daily. It might make sense to file your returns now, pay the total NJ tax you owe with the return, then pay what you can to the IRS with your return. Therefore, if you don't pay 80% of the GROSS TAX BALANCE DUE to NJ by 4/18/22 (between withholdings, extension payment, etc.), they will consider your tax return to be filed late and hit you with late filing penalties of 5% of the amount due, per month or partial month the return is filed after 4/18/22, up to 25%. Whereas with the IRS, you can pay as much as you can now with an extension and just file and pay the rest later without being considered a late filer, NJ will actually reject your timely filed extension if less than 80% of your ultimate tax balance due is not paid by April 18. NJ is much stricter than federal in terms of considering your tax return late. Just make sure that whatever you pay outside of TurboTax is recorded to TurboTax before you ultimately file and that you use authorized payment systems that you get to via the official IRS and state websites. You can pay both federal and NJ tax online via credit card or debit card - you don't have to go through TurboTax. Rather than trust strangers on the internet, contact your local resources to get accurate answers. No one here is your attorney or your professional tax advisor, and no attorney-client or other protected relationship will be formed between redditors without a signed engagement letter. No one, without express written permission, may use any part of this subreddit in promoting, marketing or recommending an arrangement relating to any federal tax matter to one or more taxpayers. Unless expressly stated otherwise in writing, (1) nothing contained in this subreddit was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended (2) and EVERY taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor with respect to any federal tax transaction or matter contained in this subreddit. Related Communities: /r/taxpros For Tax Pros /r/accounting /r/personalfinance /r/legaladvice /r/cantax Canadian Tax Jokes that are crude, vulgar, bigoted, etc., may get you banned, even if it's a cultural reference from a book, show or movie. Jokes should be kept to a minimum, as they don't add to the discussion, but humor can have its place. Questions about amounts less than $100 may be removed.īeing a jerk (condescending, rude, threatening, dismissive, hateful, sarcastic, etc.) will get you banned. PLEASE DON'T SUBMIT QUESTIONS ABOUT SMALL AMOUNTS OF MONEY. Promoting a product or service in which the poster is personally involved as an owner, employee or agent is strictly prohibited. ![]() Posts or comments recommending products or services may be removed if deemed inappropriate. Links to nonprofits, government sites and major media are generally acceptable. Links to tax professionals, blogs and the like are not allowed. Recommendations or requests for specific tax professionals or services are not allowed. That includes offering or sending private messages, chats, or anything similar. Trying to take discussions "offline" is NOT allowed. This is the fastest way of getting the attention of the moderators. Use the "report" button and leave a reason for your report. PLEASE REPORT any post or comment that violates the rules. We try to keep up but most of us earn our living preparing tax returns. If your post doesn't show after 6 hours, message the mods. A lot of redditors use throwaway accounts for their tax questions, so if you don't see your post right away, this is why. Posts from NEW USERS will likely go to SPAM. ![]() Any opinions offered herein are for informational purposes only. There is no protected §7525 or attorney-client relationship when discussing matters in posts on a message board. ![]() and International, Federal, State, or local. News, discussion, policy, law relating to any tax - U.S. A community for redditors interested in taxation.
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