penalty for late filing if no income

Is there a penalty for late filing if I have no taxable income? I searched the web and am confusing. On TurboTax's web site, some said there is a minimum fine of $135 for late filing. Some said if there is no income, there is no need to file. Does that mean if there is no income (thus, no need to file) and I still file, I'll need to pay $135?

Reply to
Oumati Asami
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Are you talking about a personal 1040, a corporate return or a partnership return? It makes a difference.

Reply to
Stuart O. Bronstein

From the Turbotax site, re 1040 I presume:

"If you file your return more than 60 days late, your minimum penalty is the lesser of $135 or 100% of your tax due . . .. You will also be charged interest on the amount due. The current IRS interest rate is 3%."

THE LESSER OF.

Reply to
Taxed and Spent

Good thought. This is for personal.

Reply to
Oumati Asami

Since I'm not required to file, looks like I'm better off not filing. Otherwise, I'll need to pay the $135.

Well, somewhere on the IRS web site, it says IRS encourages people to file even though they need not to file.

Reply to
Oumati Asami

Turbo Tax is behind the times.....

The penalty if you owe tax, is the lesser of $210 or 100% of the unpaid amount.

Reply to
Alan

If you owe no tax due, your penalty is zero.

Reply to
Taxed and Spent

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