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Calculating Penalty and Interest

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Individual Income Tax

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Use the worksheet to calculate the 2024 interest you owe. We will charge interest on any unpaid tax and penalty after April 15, 2025.

The interest rate is determined each year. The interest rate for 2025 is 8%.

1.   Tax not paid by April 15, 2025 
_________________
2.   Late payment penalty — multiply step 1 by 4% (.04) _________________
3.   Late filing penalty. If you are filing your return after October 15, 2025, multiply step 1 by 5% (.05) _________________
4.   Extended delinquency. If your tax is not paid within 180 days after filing your return, multiply step 1 by 5% (.05) _________________
5.   Add steps 1 through 4 _________________
6.   Number of days the tax is late. If the days fall in more than one calendar year, determine steps 6 through 10 separately for each year. _________________
7.   Enter the applicable interest rate. For 2025, the rate is 8% (.08) _________________
8.   Multiply step 6 by step 7 _________________
9.   Divide step 8 by 365 (carry to five decimal places) _________________
10. Interest — multiply step 5 by step 9 _________________
11. Total payment amount. Add step 5 and step 10 _________________

Note: We do not charge a late payment penalty if both of these are true:

  • You pay at least 90% of your total tax by April 15, 2025
  • You file your return and pay any remaining tax by October 15, 2025

**If the days fall in more than one calendar year, determine steps 6 through 10 separately for each year.

  

 

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