I didn't file my 2010 form 1040

[cronewitch]

I didn't file for an extension or file the return. I computed my tax so know my refund will be about $500. I like to wait until the last minute because they amend my 1099 from my broker sometimes but then I was busy at the last minute and didn't file.

I have been procrastinating since April, but I should file sometime so I can put this behind me.

I shouldn't get a failure to file or failure to pay penalty should I? All penalties I know of are based on the tax due and I will get a refund.

[mwcpa]

generally, for federal income tax purposes penalties that are assessed are based upon the amount of tax due, provided the tax filing is made within 3 years of the due date. If not extension was filed then the due date if April 15. If you are due a refund the "penalty" for not filing within the three year window is 100% forfeiture of any tax refund that may be due.

www.irs.gov/businesses/small/article/0,,id=108326,00.html
www.irs.gov/taxtopics/tc653.html

[TheOtherMe]

However, should your return be audited and it is found that you do owe taxes, you will be subject to the failure to file penalty.

The extension is only a one page form. Take the time to at least send it in. It gives you an automatic extension until October 15.

[mwcpa]

to add to theo's warning....

if you do not file an extension and you owe greater than 10% of the computed tax.... add 5% per month as a penalty.... (up to 25%).... and one day is a month.... and the month starts on the original due date.... so, 5/16 starts month 2...and so on....