Tax Deadlines, Extensions & Penalties - Tax Quiz

Question 1 of 25

For most individual taxpayers, when is a calendar-year federal income tax return generally due?

March 15 April 15 June 15 October 15

Question 2 of 25

If the April 15 filing deadline falls on a Saturday, Sunday, or legal holiday, what happens to the due date?

The return is due the prior Friday The return is due on the next business day The deadline is permanently moved to April 18 There is no extension and it is still due April 15

Question 3 of 25

What does filing Form 4868 give an individual taxpayer?

More time to both file and pay An automatic extension of time to file, but not to pay A waiver of all penalties and interest An extension only if the IRS approves the request

Question 4 of 25

When a taxpayer files Form 4868, when is any tax owed still due?

By the original April deadline By the extended October deadline Within 30 days of filing the extension Whenever the return is actually filed

Question 5 of 25

A timely Form 4868 extends a calendar-year individual's filing deadline until what date?

September 15 October 15 December 31 April 15 of the next year

Question 6 of 25

What is the general rate of the failure-to-file penalty?

0.5% of unpaid tax per month 5% of unpaid tax for each month or part of a month the return is late 10% of unpaid tax per month A flat 25% of unpaid tax

Question 7 of 25

What is the maximum the failure-to-file penalty can reach?

10% of unpaid tax 25% of unpaid tax 50% of unpaid tax 100% of unpaid tax

Question 8 of 25

What is the general rate of the failure-to-pay penalty?

0.5% of unpaid taxes for each month or part of a month the tax is unpaid 5% of unpaid taxes per month 1% of unpaid taxes per month 3% of unpaid taxes per month

Question 9 of 25

What is the maximum the failure-to-pay penalty can reach?

10% of unpaid taxes 25% of unpaid taxes 50% of unpaid taxes There is no maximum

Question 10 of 25

When both the failure-to-file and failure-to-pay penalties apply in the same month, what is the combined penalty for that month?

5.5% (5% plus 0.5%) 5% (4.5% failure to file plus 0.5% failure to pay) 0.5% only 10% (5% plus 5%)

Question 11 of 25

Comparing the two penalties, which statement is correct?

The failure-to-pay penalty is larger per month than the failure-to-file penalty The failure-to-file penalty is generally much larger per month than the failure-to-pay penalty Both penalties are the same rate per month Neither penalty applies if you file an extension

Question 12 of 25

If a return is filed more than 60 days late, what is the minimum failure-to-file penalty for returns required to be filed in 2026?

A flat $100 The lesser of $525 or 100% of the tax required to be shown on the return The greater of $525 or 25% of the tax There is no minimum penalty

Question 13 of 25

How does interest on unpaid tax accrue?

It is a one-time flat fee It compounds daily from the original due date until the balance is paid in full It is charged only once per year It stops accruing once an extension is filed

Question 14 of 25

For individual taxpayers, how is the interest rate on underpayments determined?

A fixed 10% per year The federal short-term rate plus 3% The prime rate minus 1% It is set by each state

Question 15 of 25

Does filing Form 4868 stop interest from accruing on unpaid tax?

Yes, interest stops once the extension is granted No, interest still accrues on any tax not paid by the original due date Yes, but only for the first 60 days Interest never applies if you are owed a refund

Question 16 of 25

For calendar-year individuals, the four estimated-tax installments are generally due around which dates?

January 15, April 15, July 15, October 15 April 15, June 15, September 15, and January 15 of the next year March 15, June 15, September 15, December 15 April 15, July 15, October 15, January 15

Question 17 of 25

Although often called quarterly payments, the estimated-tax installments are actually spaced how?

At even three-month intervals At uneven intervals of three, two, three, and four months Monthly Twice a year

Question 18 of 25

Generally, most taxpayers can avoid the underpayment of estimated tax penalty if the tax they owe after withholding and credits is below what amount?

$500 $1,000 $5,000 $10,000

Question 19 of 25

One common safe harbor lets you avoid the underpayment penalty if you pay at least what share of the current year's tax through withholding and timely estimated payments?

50% 75% 90% 100%

Question 20 of 25

Under the prior-year safe harbor, what percentage of the prior year's tax must higher-income taxpayers (prior-year AGI over $150,000) generally pay to avoid the underpayment penalty?

90% 100% 110% 125%

Question 21 of 25

Which form does an individual use to figure whether they owe an underpayment of estimated tax penalty?

Form 4868 Form 2210 Form 1040-ES Form 9465

Question 22 of 25

If you cannot pay your full tax bill by the deadline, what does the IRS recommend?

Skip filing until you can pay in full File on time, pay what you can, and consider a payment plan for the rest Wait for the IRS to contact you before doing anything File for an extension, which removes the balance due

Question 23 of 25

How does an approved installment agreement affect the failure-to-pay penalty rate for an individual who filed on time?

It eliminates the penalty entirely It reduces the rate from 0.5% to 0.25% per month It raises the rate to 1% per month It has no effect on the penalty

Question 24 of 25

Which form can an individual use to request an installment agreement to pay their balance over time?

Form 2210 Form 9465 Form 4868 Form 1040-ES

Question 25 of 25

A taxpayer with a clean recent compliance history who incurs a late-filing or late-payment penalty may qualify for which form of relief?

First Time Abate penalty relief An automatic refund of the tax owed Permanent waiver of all future penalties A reduced income tax rate