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Your annual US income tax return is due by either April 15th or June 15th (if living overseas as of April 15th) of the year following the tax year. If there is a balance due on your return, you may owe interest and penalties depending on the amount, timing of payments and when the return is filed. The chart below is meant to provide you with a basic understanding of the common penalties and interest charges associated with filing your U.S. income tax return.
As a summary:
Interest rates are determined quarterly. A brief historical look at the recent rates are as follows: