Late IRS tax payment

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  • #72398
    JMadigan
    Participant

    This was the first year we were required to pay instead of having a refund. We had the money, I just simply forgot to pay it. I got the IRS to remove the penalty amount but the transcript still says the payment was over 60 days late. Will this keep me from qualifying when I speak to my MC in November?

    • This topic was modified 1 month, 1 week ago by JMadigan.
    #72401
    Nelsont
    Member

    You should be fine if you can show proof you paid it off. Taxes simply need to be paid, there’s no gray area. The late penalty rule is for loans and lines of credit.

    #72404
    TTrumble
    Member

    Hello JMadigan,

    Just submit proof of payment and that they removed the penalty, which is just as important. Also write a Letter of Explanation on how it happened that you forgot to pay it. You’ll be okay.

    Tim Trumble
    Online Operations, NACA

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