I Missed the April 15 Tax Deadline. Now What?

You are subject to a late-filing penalty, but since the penalty is based on any unpaid tax at the due date, if your return shows that you will be getting a refund, there would be no penalty. For this purpose, the stimulus refunds do not count.

If your return shows that you still owe taxes, you may be subject to a penalty of 5 percent of the unpaid amount for each month, or part of a month, that your return is late, but not to exceed 25 percent. So be sure to file your return by May 15.

The late-filing penalty may not be imposed if you can show that your failure to file on time was due to a reasonable cause and not willful neglect. If you still owe taxes with your return, enclose a letter explaining your circumstances and asking forgiveness from the late-filing penalty.