If you expect to owe federal taxes and cannot meet the mid-April deadline, an extension is necessary to avoid a penalty for late filing. Extensions must be filed by the original April deadline and they do not extend the time you have to pay your taxes. If you file an extension, your taxes are still due by the April deadline.
Do I need to file an extension if I don't owe?
If you are due a refund, you do not need to file an extension; you have three years from the filing deadline to file the return and claim your refund. After this three-year period, taxpayers will not be able to claim any over-payments or credits.
Returns filed after the extended October deadline cannot be e-filed. They must be printed and mailed.
How much time does the extension allow?
Form 4868, Application for Extension, is used to apply for an additional 6 months to file your tax return. Note that filing an extension does not allow additional time to pay any tax due.
Will filing an extension prevent me from being penalized?
The extension will prevent you from owing penalties for failure to file if you file your return before the extension deadline.
You may still face failure to pay penalties if your tax due is not paid by the April deadline. The extension does not provide you with more time to pay the amount owed- only more time (6 months) to complete your return and file. Additionally, the IRS begins assessing interest on unpaid taxes on top of penalties.
How do I file an extension?
You must file the extension by the due date of the return. For 2023 tax returns, the deadline is April 15th, 2024. Remember, the extension only gives you more time to file- not pay. If you owe money to the IRS, the amount due is still due by April 15th.
- Log into the account
- Go to the Federal
- Miscellaneous Forms
- Application for Automatic Extension of Time to File
- If you wish to make a payment with your extension, click 'GO TO EXTENSION PAYMENT' and add your payment information.
- E-file extension