Required: Victoria's 2020 tax return was due on April 15, 2021, but she did not file it until June 12, 2021. Victoria did not file an extension. The tax due on the tax return when filed was $9,900. In 2020, Victoria paid in $16,200 through withholding. Her 2019 tax liability was $14,300. Victoria's AGI for 2020 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?
Required: Victoria's 2020 tax return was due on April 15, 2021, but she did not file it until June 12, 2021. Victoria did not file an extension. The tax due on the tax return when filed was $9,900. In 2020, Victoria paid in $16,200 through withholding. Her 2019 tax liability was $14,300. Victoria's AGI for 2020 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?
Chapter26: Tax Practice And Ethics
Section: Chapter Questions
Problem 23P
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How much penalty will Victoria have to pay (disregard interest)?
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Victoria's 2020 tax return was due on April 15, 2021, but she did not file it until June 12, 2021. Victoria did not file an extension. The tax
due on the tax return when filed was $9,900. In 2020, Victoria paid in $16,200 through withholding. Her 2019 tax liability was $14,300.
Victoria's AGI for 2020 is less than $150,000. How much penalty will Victoria have to pay (disregard interest)?
Penalty to be paid
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How are you coming up with $9300 *0.05%? wouldn't it be $9900 x .05%?
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