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1 The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. 2  If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. 2  Tip: The late filing penalty can be 10 times higher than the late payment penalty.
The IRS assesses a penalty of 6 percent of the amount of an excess contribution each year until the money is removed from your Roth IRA. Suppose you miscalculate because your income was more than the IRS annual limit and put in $2,000 too much.