Question

Jack filed his tax return 10 months and 15 days late and did not request an extension of time for filing. Jack's return indicated that he is to receive a $6,195 refund in taxes.

Calculate the amount of Jack's penalty for failure to file his tax return on time, assuming the failure-to-file was not fraudulent.

Answer 1

Jack should not face a penalty for filing his tax return late as his return indicated that he is owed a refund and there was no fraudulent failure to file.

Step-by-step explanation:

Jack filed his tax return 10 months and 15 days late without requesting an extension. Since Jack's tax return resulted in a refund, typically, there would not be a penalty for filing late. In general, the penalty for filing late is calculated based on the amount of tax owed. However, if no tax is due, then there is usually no penalty for filing late. In Jack's case, he is set to receive a $6,195 refund, which means he does not owe additional tax and thus should not face a penalty for his late filing assuming that his failure to file was not fraudulent.

Answer 2

Jack should not face a penalty for filing his tax return late as his return indicated that he is owed a refund and there was no fraudulent failure to file.

Step-by-step explanation:

Jack filed his tax return 10 months and 15 days late without requesting an extension. Since Jack's tax return resulted in a refund, typically, there would not be a penalty for filing late. In general, the penalty for filing late is calculated based on the amount of tax owed. However, if no tax is due, then there is usually no penalty for filing late. In Jack's case, he is set to receive a $6,195 refund, which means he does not owe additional tax and thus should not face a penalty for his late filing assuming that his failure to file was not fraudulent.