What is Form 4868: Applying for an automatic extension of time to file a US personal income tax return?
If you are unable to file your federal income tax return by the deadline, you can simply request an extension.
Formally Form 4868: You must submit the Internal Revenue Service (IRS) Extension Form, known as the Application for Automatic Extension of Time to Filing a US Personal Income Tax Return.
One important note: this does not give you more time to pay the taxes you owe. Just extend the deadline for filling out and submitting documents.
- Form 4868 gives taxpayers a six-month extension to file a federal income tax return for any reason.
- An extension of the federal income tax return due on April 15th will be given to you until October 15th.
- To get the extension, you must submit the form by the tax filing deadline.
- Submitting an IRS extension form does not increase your time to pay taxes if you are obliged to pay taxes.
- If you are obliged to pay taxes, even if you apply for an extension, you will still be subject to interest and fines for unpaid taxes that begin to accrue on the original date.
Due to Hurricane Aida, some residents and businesses in Louisiana and Mississippi, New York, Pennsylvania, and New Jersey have been granted an extension of the IRS filing and payment deadline. Most are related to future due dates for quarterly submissions and payments.
Understand Form 4868
If you have not yet received all the information you need to prepare your return, you may need to extend it. For example, the beneficiary trust may be missing Schedule K-1.
If you are self-employed, there are additional benefits to getting an extension of your application. This allows you to set up and fund a simplified employee pension (SEP) retirement plan until the extended date.
By obtaining an extension, you can avoid the penalty of delay in submission as long as you submit by the extended date. Otherwise, you will face a late filing penalty of 5% of the amount payable if the refund of each month or part of that month is delayed. If the return is delayed by more than 60 days, the minimum penalty is $ 435 (as of 2020) or the outstanding balance, whichever is smaller.
It is important to remember that submitting an extension does not mean that you are off the hook to pay taxes by the deadline. Regardless of whether you submit Form 4868, late payments will result in interest and potential penalties.
In some states, submitting a federal form may automatically extend it for state income tax purposes.
Download Form 4868: Click here to apply for an automatic extension of time to file a US personal income tax return
All versions of Form 4868 are available on the IRS website.
Who can submit Form 4868?
Taxpayers who need more time to file a federal income tax return for any reason can use Form 4868. You can submit a form if you need an extension of various 1040 series tax returns, such as:
- Form 1040: US Personal Tax Return
- Form 1040-SR: US Tax Return for the Elderly
- Form 1040-NR: US Non-Resident Foreign Income Tax Return
- Form 1040-PR: Self-employed tax return-Puerto Rico
- Form 1040-SS: US self-employed tax return
What information do I need to fill out Form 4868?
Form 4868 Form is half a page. No date or signature required. You don’t need to explain why you are requesting an extension. All you have to provide is:
- Part I: Your name, address, Social Security number and, if applicable, your spouse’s Social Security number.
- Part II: Sincerely estimate what the final tax will be after deducting the total tax already paid that year.
- If you need to pay taxes, you need to pay the balance on the form.
Will Form 4868 give me more time to pay taxes?
No. Payment will continue to be paid on the original due date, April 15th.
If you submit Form 4868 to the IRS, you must submit a payment for your estimated balance. If you pay less than you pay, the more you pay, the less interest and penalties you will pay. If you submit Form 4868 electronically but would like to pay by mail, please submit a copy of the electronically filed form with your check. In this case, the form acts as a voucher and the check is properly credited to your tax account.
The IRS allows you to pay estimated income tax online or by phone using Direct Pay, EFTPS, credit or debit cards and completely skip Form 4868 if you indicate that the payment is for an extension. ..This route will provide confirmation of the extension..
I live abroad. Do I need to submit an extension?
The two-month extension is automatically extended to US citizens or residents who live outside the United States or Puerto Rico, or whose primary place of work is outside the United States or Puerto Rico, or who work in the military or navy. Given. Other than the United States or Puerto Rico. You do not need to request a two month extension.
If you need more time, you will need to fill out Form 4868 and select the check box on line 8 to indicate that you are “foreign”. By doing this, you have an additional 4 months to submit without a late submission penalty.