What are the penalties for missing the TurboTax deadline for cryptocurrency tax reporting?

8 answers

• Mostafa AbdoMay 07, 2024 · 2 years ago
  If you missed the TurboTax deadline for reporting your cryptocurrency taxes, you may face penalties from the IRS. The penalties can vary depending on the amount of tax owed and the length of time you are late. Generally, the IRS charges a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Additionally, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can add up quickly, so it's important to file and pay your taxes on time.
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• Mohamed FarhoudJun 09, 2022 · 3 years ago
  Missing the TurboTax deadline for cryptocurrency tax reporting can result in penalties from the IRS. The specific penalties you may face depend on factors such as the amount of tax owed and the length of time you are late. Generally, the IRS imposes a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. In addition, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can quickly accumulate, so it's important to meet the TurboTax deadline and file your cryptocurrency taxes on time.
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• jamshad aliOct 12, 2023 · 2 years ago
  If you missed the TurboTax deadline for reporting your cryptocurrency taxes, you may be subject to penalties imposed by the IRS. The specific penalties depend on factors such as the amount of tax owed and the length of time you are late. The IRS typically charges a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Additionally, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can quickly accumulate, so it's crucial to be aware of the TurboTax deadline and submit your cryptocurrency tax report on time.
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• Gordo LoboMar 29, 2021 · 5 years ago
  If you missed the TurboTax deadline for reporting your cryptocurrency taxes, you may face penalties imposed by the IRS. The penalties can vary depending on factors such as the amount of tax owed and the length of time you are late. The IRS typically imposes a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Additionally, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can accumulate rapidly, so it's important to meet the TurboTax deadline and report your cryptocurrency taxes on time.
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• Mostafa AbdoAug 04, 2023 · 2 years ago
  If you missed the TurboTax deadline for reporting your cryptocurrency taxes, you may face penalties from the IRS. The penalties can vary depending on the amount of tax owed and the length of time you are late. Generally, the IRS charges a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Additionally, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can add up quickly, so it's important to file and pay your taxes on time.
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• cagri ocakJun 10, 2025 · 5 months ago
  If you missed the TurboTax deadline for reporting your cryptocurrency taxes, you may face penalties imposed by the IRS. The specific penalties you may face depend on factors such as the amount of tax owed and the length of time you are late. Generally, the IRS imposes a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. In addition, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can quickly accumulate, so it's important to meet the TurboTax deadline and file your cryptocurrency taxes on time.
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• jamshad aliOct 31, 2022 · 3 years ago
  If you missed the TurboTax deadline for reporting your cryptocurrency taxes, you may be subject to penalties imposed by the IRS. The specific penalties depend on factors such as the amount of tax owed and the length of time you are late. The IRS typically charges a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Additionally, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can quickly accumulate, so it's crucial to be aware of the TurboTax deadline and submit your cryptocurrency tax report on time.
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• Gordo LoboNov 12, 2023 · 2 years ago
  If you missed the TurboTax deadline for reporting your cryptocurrency taxes, you may face penalties imposed by the IRS. The penalties can vary depending on factors such as the amount of tax owed and the length of time you are late. The IRS typically imposes a failure-to-file penalty of 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. Additionally, there is a failure-to-pay penalty of 0.5% of the unpaid tax for each month or part of a month that the tax is not paid, up to a maximum of 25%. These penalties can accumulate rapidly, so it's important to meet the TurboTax deadline and report your cryptocurrency taxes on time.
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