The Last-Minute Fix
by Bob Williams
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Well, you made it! You got your income tax return e-filed before the Oct. 15 deadline. But what happens if you got a reject notice instead of an acceptance?
There’s no need to panic, although your time to fix the problem isn’t unlimited. The IRS gives you five days after the deadline to fix any problems and refile. So that means you have until Oct. 20 to resend a rejected return.
Our advice, though, is to correct any issues with your rejected return as soon as possible and refile right away. That way, if there’s another issue, you still aren’t up against that refiling deadline.
“But even then, we’ve got more time if we need it, right?” you ask. Nope, the IRS says. After Oct. 20, the IRS cranks up its Penalty-and-Interest machine. The longer you wait after the 20th to file, the more money the IRS will tack onto your tax bill.
And there’s one more little twist that late filers should be aware of, lest you think risking penalties is worth a little extra time: Wait too long, and you’ll have to paper-file that tardy return. You see, the IRS closes e-filing after the 20th. Bottom line: don't tarry!
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