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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.
TurboTax estimates that the average penalty for 2014 will be $301, and that it will increase to $588 for the 2015 tax year (remember, itâs not just $95). From those numbers, itâs clear that the IRS should be able to collect a good chunk of the penalties simply by withholding the penalty from the filersâ refund checks. And for filers who are not owed a refund this year, the penalty can be deducted from a future yearâs refund instead.