Filing An Income Tax Extension 4

How to file your federal income tax return

The agency might ask you to file a return anyway, because you filed an extension to ask for additional time, then ended up not filing—perhaps because you realized that you don’t meet the income requirements. There’s an inevitable rush to get tax returns finished by the April deadline, and taxpayers and accountants alike can make tax filing mistakes when they’re hurried and under pressure. Having extra time to finish your return is often necessary if you’re still waiting for tax documents to arrive in the mail or if you need additional time to organize your deductions. However, there are both pros and cons involved with filing for an extension.

If you can’t afford to pay your taxes

Even if you aren’t required to file a tax return, you may Filing An Income Tax Extension still choose to do so, so you can receive any refund you are owed. And you should file a tax return if you can get money back through credits too. You may also want to make sure the IRS has an accurate record of your income as this is used for certain benefits such as financial aid eligibility and future Social Security income. Once you know the answers to the above, look up the IRS’s online tool or check out the chart below to see if you may need to file a tax return. Those who are not citizens or legal residents of the US, as well as those who are claimed as dependents and who earn below the dependent income thresholds, generally don’t need to file tax returns. The IRS will work with taxpayers who cannot pay the full amount of tax they owe.

What You Need to Know About Filing an Extension

However, filing an extension only gives you extra time to file, not to pay. Taxes owed must still be paid by the original due date to avoid additional interest and penalties. The last couple of lines on Tax Extension Form 4868, Section II, ask whether you are a United States Citizen or resident and are living outside the U.S. or Puerto Rico at the time the income tax return is due. If you are out of the country when the time the income tax return is due, April 15th, you do not need to file for a tax extension ― you are automatically granted 2 extra months to file your tax return. However, if you complete Tax Extension Form 4868 and check the box indicating you are out of the country, you will be allowed a tax extension until October 15th. Remember, filing for an extension does not grant you more time to pay any taxes due.

Determine if you need to file taxes

Simply follow the software’s prompts to estimate your tax liability and file Form 4868. By staying ahead of deadlines and ensuring timely filing and payments, you can minimize penalties and manage your tax responsibilities effectively. Keep in mind that each state has its own tax deadlines, which may differ from federal deadlines. Be sure to check your state’s tax authority website for the most accurate information. Filing an extension isn’t complicated, but it’s important to do it right. If you’re missing documents, dealing with unexpected life events, or just need extra time, filing for an extension can save you stress and penalties.

The IRS keeps a running list of disaster areas granted an extension. If you haven’t filed your tax return by midnight on April 15, you can file for an automatic extension — but you still must pay the taxes you owe (more on that below). If you don’t owe anything, filing for an extension isn’t necessary. You won’t owe penalties or interest if you’re expecting a refund, either.

• Experience stress-free tax preparation with our expert consultants.
• Although TurboTax automatically searches a database of options to see what applies to your unique situation, this is a great time to learn what those deductions and credits look like.
• Certain people—such as members of the military serving abroad—receive an automatic extension without having to apply or File Form 4868.
• Remember, the deadline to pay didn’t change from the original, unextended tax deadline in April.

To avoid penalties, pay at least 90% of your tax liability by the original filing deadline. You can make payments online through the IRS Direct Pay service, by debit or credit card, or by mailing a check or money order. For most taxpayers, the filing deadline for 2024 federal taxes is April 15, 2025. If you need more time to get your return together, you can request an extension to Oct. 15, 2025. Filing a tax extension can help you push your 2024 tax deadline to October 15, 2025. Thankfully, there are easy options for filing an extension, like e-filing with TurboTax Easy Extension or mailing IRS Form 4868.

A Procrastinator’s Guide To Filing An Income Tax Extension

Your income, expenses and circumstances will be considered, but less than a third of OICs were accepted in 2023. Here’s what you need to know about the tax extension, including how to file, what to do if you can’t afford your tax bill and where taxpayers have more time to file federal taxes. To file for a tax extension, you can submit tax extension Form 4868 to the IRS electronically or through the mail by the due date of your return. When filling out Form 4868, you will need to estimate your tax liability so you know how much you should pay by the unextended tax deadline.

Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Remember that the due date for extension requests is by your regular due date — usually April 15. Because this date is fairly consistent every year, you should have plenty of time to plan ahead and decide whether you need an extension. For example, if you’re going to be out of town right around the time your return is due, it might be easier to request an extension. TurboTax and other tax software programs offer an easy method to file for an extension electronically.

Once you’ve filed for your extension, your only job is to wait. If the IRS doesn’t send a rejection notification, you’re good to go. The IRS temporarily suspends e-filing services from mid-November to mid-January for updates and maintenance. To avoid delays or complications, file before mid-November if possible. MoneyLion does not provide, own, control or guarantee third-party products or services accessible through its Marketplace (collectively, “Third-Party Products”). The Third-Party Products are owned, controlled or made available by third parties (the “Third-Party Providers”).

While this method can be useful for those who lack reliable internet access, it takes longer to process, and without certified mail, you won’t receive confirmation that the IRS received your extension request. If you lived in a federally declared disaster area in 2024, you get an automatic extension. Many people living in Southern California who were affected by the wildfires in January, for example, are allowed to file their taxes as late as Oct. 15.

Filing a tax extension

Taxes can be challenging whether or not you decide to take advantage of a tax extension this year. However, if you want to get the most out of your extra time, answer any questions, and make sure your tax return is done right, make sure to come to TurboTax for the expert guidance you need. Taxpayers who can’t pay in full by the tax deadline should pay what they can now and apply for an online payment plan. Applicants that apply online will know immediately if their request for a payment plan is accepted or denied without calling or writing to the IRS.

• For 2025 taxes filed in 2026, the filing deadline is Wednesday, April 15.
• You may also want to make sure the IRS has an accurate record of your income as this is used for certain benefits such as financial aid eligibility and future Social Security income.
• In this guide, we’ll walk you through how to file a tax extension, ensuring you meet all the requirements and avoid any unnecessary penalties.
• Vyde is a licensed accounting firm (CPA) based in Provo, Utah, and members of the AICPA.
• If you don’t file your taxes by the deadline, the IRS will charge you interest on the unpaid balance and a late payment penalty, ranging from 5% to 25% of the amount owed each month it goes unpaid.

Things You Need to Know About Filing a Tax Extension

The following TurboTax Online offers may be available for tax year 2024. Intuit reserves the right to modify or terminate any offer at any time for any reason in its sole discretion. Unless otherwise stated, each offer is not available in combination with any other TurboTax offers. Certain discount offers may not be valid for mobile in-app purchases and may be available only for a limited period of time.

Taxpayers who pay as much as they can by the due date reduce the overall amount subject to penalty and interest charges. The interest rate for an individual’s unpaid taxes is currently 7%, compounded daily. The late-filing penalty is generally 5% per month and the late-payment penalty is normally 0.5% per month, both of which max out at 25%. You may be eligible for a tax credit or deduction you’ve never heard of. Although TurboTax automatically searches a database of options to see what applies to your unique situation, this is a great time to learn what those deductions and credits look like. That way, you can make financial decisions that may later reduce your income tax liability.