Nate timely filed for an extension for his 20X1 Form 1040, then filed his 20X1 Form 1040 return on 7/30/20X2 and paid the $12,000 tax on 7/30/20X2. Also, Nate correctly reported all his income and deductions. How much is the penalty under 6651(a)(1), including applicable adjustments under Sec 6651 (rounded to the nearest dollar)?

Answer rating: 100% (QA)

Under Section 6651a1 of the Internal Revenue Code the penalty for failure to file a tax return by th... View the full answer