Mr. Fiocchi filed his unextended 2012 Form 1040 on July 22, 2013, and had no reasonable cause for the delinquency. The return showed a $1,906 overpayment of tax (refund due). Compute Mr. Fiocchi's late-filing and late-payment penalty.

Question

Quizplus · Accepted Answer

Since Mr. Fiocchi's return showed an overpayment of tax, there is no late-filing or late-payment penalty because penalties are based on the amount of tax due, and in this case, there was no tax due.

Mr Fiocchi Filed His Unextended 2012 Form 1040 on July