2025 Form 1040 Schedule 5

2025 Form 1040 Schedule 5. This is typically 5% of the unpaid taxes for each month the return is late, capped at. Schedule 5 is crucial for taxpayers because it includes payments and credits that will go toward reducing your tax liability.

Here’s how that works for a single person with taxable income of $58,000 per year: The form has two pages and involves a number of calculations.