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1 The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%. 2  If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. If you file more than 60 days after the due date, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller. 2  Tip: The late filing penalty can be 10 times higher than the late payment penalty.
The penalty/tax will be phased in from 2014 to 2016. The minimum penalty/tax in 2016 will be $695 per person and up to 3-times that per family. After 2016, these amounts will increase at the rate of inflation. The minimum penalty/tax per person will start at $95 in 2014 (and then increase through 2016) No family will ever pay more than 3X the per-person penalty, regardless of how many people are in the family. The $695 per-person penalty is only for those who make between $9,500 and ~$37,000 per year.