If you owe, you face a failure-to-file penalty (often larger than the late-payment penalty) plus interest. If you’re owed a refund, there’s generally no penalty — but you must claim it within three years.
Filing late has very different consequences depending on whether you owe. If you owe tax, the failure-to-file penalty is typically steeper than the failure-to-pay penalty — which is why filing on time (or filing an extension) matters even if you can’t pay in full. Interest also accrues. If you’re actually due a refund, there’s generally no late-filing penalty, but you must file within three years or you forfeit the refund entirely. Either way, filing sooner limits the damage — and an extension gives you more time to file, though not more time to pay.
Generally no failure-to-file penalty when you’re due a refund — but you must file within three years of the deadline or you lose the refund.
No — an extension gives more time to file, not to pay. Taxes owed are still due by the original deadline to avoid late-payment penalties and interest.
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