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If you can't get your tax return in by the April 15th deadline, the IRS gives you the option of filing for an Automatic Extension. Keep in mind that this is an automatic extension of the time to file your return, not the time to pay your taxes.
How to file for a tax extension will walk you through the simple process of filing for an extension.
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Disclaimer
The content of this page is intended for general informational purposes only and is not a substitute for professional financial advice.Contact the IRS or a professional financial advisor for the most up-to-date and complete information regarding state and federal tax law.
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Introduction
- If you can't file your tax return by the April 15th deadline, don't panic. Being a procrastinator won't land you in jail just yet. The IRS actually makes it very easy to file for an automatic six-month extension, but there is a catch. You can request an extension of time to file your return, but not an extension of time to pay your taxes. [1]
Filing for an Extension
- The IRS makes applying for an automatic six-month extension very simple. All you have to do is fill out and submit a rudimentary form along with a partial or full payment of your estimated tax liability.
- If you're using tax preparation software or an online service like TurboTax, you can file for an extension electronically by following the directions provided by the program. If you are filing for an extension by hand, you will need to do the following:
- Download and Print Form 4868 from the IRS website or order it by calling 1.800.829.3676.
- -You can also pick up this form at an IRS office or the public library.
- Fill in your name, address and social security number in Part I, Lines 1-3.
- Estimate your total tax liability for the fiscal year.
- -You can estimate your tax liability by using H&R Block or TurboTax's free online tax estimators.
- Fill in your estimated total tax liability in Part II, Line 4.
- Fill in Lines 5-9-- indicating how much tax you've already paid, what you ultimately owe the government, how much you'll be paying upfront and whether or not you are currently out of the country.
- -If you pay 90% or more of your real liability, you will not incur a late penalty. If you pay less, you will owe interest on the tax you didn't pay in time and may incur a late fee.
- Attach a check or money order for the amount indicated in Part II, Line 7.
- Make a copy of the completed form for your records.
- Submit the form via certified mail by April 15th.
- -The mailing address where you should file your form is listed on Page 4 of Form 4868.
- After filing Form 4868, you will receive an automatic six-month extension. You have until October 15 to file your return. You may not file for a second extension.
- Form 4868: Application for Automatic Extension of Time to File (Opens as a PDF Document)
- Additional Information: IRS Tax Topic: Extensions of Time to File Your Tax Return (304)
- NOTE: If you don't think you'll be able to pay your taxes by April 15th, October 15th or anytime in the foreseeable future, you should consider filing an Installment Agreement Request with the IRS. This payment plan is available to individuals who owe less than $25,000 in taxes and will be able to pay off their tax bill within five years.
Resources for How to File an Extension
- Internal Revenue Service: Extension of Time to File Your Taxes
- MSN Money: It's OK to file for an extension
- MSN Money: What if you can't pay the IRS?
- AARP: Tax-Aide
- TurboTax: Tax Forms for Federal and State Taxes
- MetLife: Doing Your Taxes
- The Motley Fool: Tax Center
- Bankrate.com: 2009 Tax Guide
- MSN Money: Tax Center
- Yahoo! Finance: Taxes: Articles, Calculators and Tools
- Jackson Hewitt: Tax Resource Center
- SmartMoney.com: Tax Guide
