<p><img src="https://static5.businessinsider.com/image/5e613c99fee23d2f2b3ed50e-1777/gettyimages-965217490.jpg" border="0" alt="penalty file taxes late" data-mce-source="kate_sept2004/Getty"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul class="summary-list"><li>The deadline to pay any individual income tax you owe for 2020 is April 15.</li><li>Missing the deadline will result in a 5% of any unpaid tax you owe. After 60 days, the penalty may increase.</li><li>If you miss the filing deadline and don't owe any tax, your refund will be withheld for up to three years until you file.</li><li aria-level="1">This article was reviewed for accuracy and clarity by<a href="https://folafinancial.com/" target="_blank" rel="noopener" data-analytics-module="summary_bullets" data-analytics-post-depth="0" data-uri="a92d8af89789e7600b7045f028542a91">Sheneya Wilson</a>, an expert on Personal Finance Insider's<a href="https://www.businessinsider.com/personal-finance/tax-review-board-experts" data-analytics-module="summary_bullets" data-analytics-post-depth="0" data-uri="f489bbf65a3947f4cfc3c57db86b29df">tax review board</a>.</li><li><a href="https://www.businessinsider.com/what-is-best-tax-software" target="_blank" rel="noopener" data-analytics-module="summary_bullets" data-analytics-post-depth="0">See Personal Finance Insider's picks for the best tax software </a></li></ul><p>There's still plenty of time to <a href="https://www.businessinsider.com/personal-finance/when-to-file-taxes" target="_blank" rel="noopener">file your taxes</a> before the April 15 deadline.</p><p>But if you don't think you'll be able to gather all the necessary documents, prepare, and submit your federal income tax return on time, make sure to <a href="https://www.businessinsider.com/how-to-get-tax-extension-file-tax-return-later" target="_blank" rel="noopener">file for an extension</a> with the IRS.</p><p>A tax extension will push your filing due date back six months to October 15, but you're still expected to calculate and pay any tax you owe by April 15, or set up a payment plan with the IRS.</p><p>If April 15 comes and goes and the IRS hasn't heard from you at all, you can expect to face a penalty.</p><div><iframe src="https://smartasset.com/captivate/frame/ucznodjd" width="100%" height="650px" scrolling="auto" style="border: none;"></iframe></div><h2>What is the penalty for filing taxes late'</h2><p>The good news is that if you're expecting a <a href="https://www.businessinsider.com/wheres-my-tax-refund-federal-tax-refund" target="_blank" rel="noopener">tax refund</a> and don't file your federal income tax return on time, there's no late charge. The bad news is that you won't get your refund until you file. You have three years from the due date of your tax return to file and claim your refund. After that, the money goes back to the US Treasury.</p><p>But if you <em>owe</em> taxes and <a href="https://www.businessinsider.com/what-happens-if-you-dont-file-taxes-pay-bill" target="_blank" rel="noopener">fail to file your return</a>, the IRS essentially starts a running tab in your name. Every 30 days, you'll be charged 5% of any unpaid tax you're required to report on your return. Even if you file within a few weeks of the deadline, the full month penalty still applies.</p><p>When your return is filed more than 60 days after the due date, it's subject to a minimum penalty equal to the lesser of 100% of the tax required to be paid on your return or $435, according to <a href="https://www.irs.gov/businesses/small-businesses-self-employed/understanding-penalties-and-interest" target="_blank" rel="noopener">current IRS rules</a>. There will also be interest accruing on your balance.</p><aside class="breakout-box headline-regular"><h2>What if I can't pay my tax bill'</h2><p>If you can't afford to pay your tax bill in full on the deadline, don't pull out your credit card or ignore the situation.</p><p>The IRS offers <a href="https://www.irs.gov/payments/payment-plans-installment-agreements#q02" target="_blank" rel="noopener">reasonable payment plans</a> at much lower interest rates than most banks. You may even be able to settle the bill for less than you owe, called an <a href="https://www.irs.gov/payments/offer-in-compromise" target="_blank" rel="noopener">offer in compromise</a>, or <a href="https://www.irs.gov/businesses/small-businesses-self-employed/temporarily-delay-the-collection-process" target="_blank" rel="noopener">request a deferment</a> until you can make a payment. Offers in compromise and requests for deferment require additional paperwork and must be approved by the IRS.</p></aside><h2>Do I have to file taxes'</h2><p>Not everyone has to file taxes. If you made more than the standard deduction for your age and filing status, claimed <a href="https://www.businessinsider.com/personal-finance/are-unemployment-benefits-taxed" target="_blank" rel="noopener">unemployment income</a>, or wereself-employedand earned at least $400 during the year, you<a href="https://www.businessinsider.com/how-much-do-you-have-to-make-to-file-taxes" target="_blank" rel="noopener">must file a tax return</a> with the IRS. Some dependents may be required to file as well.</p><p>Here are the standard deduction amounts for 2020 and 2021:</p><table style="border-collapse: collapse; width: 100%; height: 84px;" border="1"><tbody><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Filing status</td><td style="width: 33.3333%; height: 21px;">2021</td><td style="width: 33.3333%; height: 21px;">2020</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Single</td><td style="width: 33.3333%; height: 21px;">$12,550</td><td style="width: 33.3333%; height: 21px;">$12,400</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Head of household</td><td style="width: 33.3333%; height: 21px;">$18,800</td><td style="width: 33.3333%; height: 21px;">$18,650</td></tr><tr style="height: 21px;"><td style="width: 33.3333%; height: 21px;">Married filing jointly</td><td style="width: 33.3333%; height: 21px;">$25,100</td><td style="width: 33.3333%; height: 21px;">$24,800</td></tr></tbody></table><p>Those with a zero or negative tax bill aren't required to file, unless they want to claim refundable credits, such as the<a href="https://www.businessinsider.com/what-is-the-earned-income-credit-refundable-tax-credit" target="_blank" rel="noopener"> earned income tax credit (EITC)</a>, the child tax credit (CTC), or the recovery rebate credit (commonly known as a <a href="https://www.businessinsider.com/personal-finance/claim-stimulus-check-on-2020-taxes-2020-12" target="_blank" rel="noopener">stimulus payment</a>), or had tax withheld by their employer throughout the year and want to get a refund.</p><ul class="read-more-links"><li><bi-shortcode id="related-content-module" class="mceNonEditable" data-type="more-tax-coverage" data-sheetname="More Tax Coverage">Related Content Module: More Tax Coverage</bi-shortcode></li></ul><p><a href="https://www.businessinsider.com/personal-finance/what-is-the-penalty-for-filing-taxes-late#comments">Join the conversation about this story »</a></p>
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