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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.
In government-speak, thatâs the âindividual mandate penaltyâ or the âshared responsibilityâ fee. Youâll have to pay that penalty with your annual taxes in 2015. And, yes, the IRS is in charge of enforcement. Total penalty collections will be about $7 billion in 2016, the government estimates. For those who do not pay, the penalty can be taken out of any tax refund due.