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Stretch Your Dollar: Need to know info if you missed your Oct. 15 file extension deadline

Stretch Your Dollar

(WTNH) — If you filed an extension on your taxes this year, the new deadline to file returned this week. We are stretching your dollar with what you need to know if you missed the October 15th deadline.

According to money.com, a record 15 million people, or one in ten filers, took advantage of the six-month filing extension.

Here’s what you need to know:

You are responsible for the same late-filing penalty as if you failed to file by the April 15th deadline.

You are going to have to pay the IRS the 5% per month of unpaid taxes up to 25%.

If you filed but forgot to pay, you’re going to be on the hook for 0.5 percent of unpaid taxes per month.

Now, what happens if you’re expecting a refund? You don’t have to pay a penalty, but you do have three years from the due date to claim a refund.

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