How come I have to pay penalty and interest if I have an extension filed?

An extension of time to file is not an extension of time to pay. You will owe interest on any past due tax. You may also be subject to a late payment penalty if payment is not made timely. The interest rate currently being charged by the IRS is 6% on underpayments. In addition, a late paying penalty of ½ of 1% of any tax owed can be charged for each month or part of month the tax is unpaid. The maximum penalty for late paying is 25%.

 
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