Contributed by: Henry, FreeTaxUSA Agent, Tax Pro
Do you need more time to file your tax return? If so, you’re not alone. Every year, many taxpayers request an extension of time to file from the IRS. Doing this can provide additional time to gather missing tax documents, recover from unexpected life events, or take advantage of certain tax planning strategies.
Here's what you need to know about applying for an extension of time to file.
When and why to request a tax filing extension
Individual tax returns are typically due by April 15th (though this deadline may shift if it falls on a weekend or holiday -- check this IRS website to confirm when to file each year). You can request a six-month extension by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
Keep in mind an extension is only necessary if you expect to owe additional taxes. No penalty applies if you’re due a refund; the IRS actually allows up to three years from the original due date to file your return and claim a refund.
However, if you think you’ll owe and might not be able to meet the April 15th deadline, you should absolutely file an extension. This gives you protection against potential late filing penalties. To extend your filing deadline to October 15th, submit the extension request no later than the due date of your return.
Filing extension vs. payment deadline
While an extension grants extra time to file, it does not extend the amount of time you have to pay your taxes. If you owe the IRS, you still need to make your payment by the original April 15th due date to avoid interest or late payment penalties.
You can pay this amount owed with your extension.
How to apply for an extension
If you want to request an extension, you have a few options:
- Fill out Form 4868 and mail it to the IRS (instructions included on the form).
- File your extension online. You can do this for free in our software by signing in and following this menu path: Account > File an Extension.
- Make a partial or full payment of your estimated taxes owed through the IRS online portal and designate it as an extension payment. According to the IRS, this qualifies as applying for an extension without needing to file the actual form.
When requesting an extension, you'll need to figure out how much tax you owe and how much you've already paid to the IRS. If you don't know the exact numbers, it's better to pay more than you think you owe to avoid extra penalties and interest. The IRS can refund any excess payment when you file your tax return.
State extensions
Are you filing a state return, as well? Most states grant you an extension to file your state return if you filed the federal extension. You should check with your state to see if they require any additional forms, or you can easily access that information in the help section on our website. Just search for “state extension” to see instructions specific to each state.
Also see:
https://community.freetaxusa.com/kb/articles/96-extensions-for-members-of-the-military-in-a-combat-zone
https://community.freetaxusa.com/kb/articles/95-extensions-for-members-of-the-military-serving-overseas-not-in-a-combat-zone
