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Category: Federal

Repayment of First-Time Homebuyer Credit (Form 5405)

Form 4868 Application for Extension

Do you need more time to file?

If you cannot meet the mid-April deadline to file your tax return, you can get an automatic six-month extension of time to file from the IRS. The extension will give you extra time to get the paperwork in to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amounts not paid by the mid-April deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.

Taxpayers who are out of the country

If you are a U.S resident or resident and you are out of the country on the regular due date of April 15th, you are allowed 2 extra months to file your return and pay any amount due without requesting an extension.

Completing Form 4868

You must make an accurate estimate of any tax due when you request an extension. You may also send a payment for the expected balance due, but this is not required to obtain the extension.

All amounts that you enter on your Form 4868 should be the amounts that you expect to report on your Form 1040. They do not have to be the exact calculations, but they should be relatively accurate estimates.

Tax Liability: Enter the total tax liability you expect to report on your:

  • Form 1040, line 61.
  • Form 1040A, line 35.
  • Form 1040EZ, line 10.

Tax Payments: Do not include in "Tax Payments" any amount you plan to pay with your extension. Enter the total payments you expect to report on your:

  • Form 1040, line 72.
  • Form 1040A, line 41.
  • Form 1040EZ, 9.

Amount of Tax Payment: Enter here the total amount that you plan to pay with your extension. Your "Tax Liability" minus your "Tax Payments" would be the total "Balance Due" that you should be expecting. You can choose to pay that amount in full, in part, or you can choose not to pay any amount with your extension. If you do not pay the amount in full, you will owe interest on any amounts not paid by the mid-April deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.

Click here to visit the IRS website for instructions on completing Form 4868 Application for Extension.

 

 

 

How to complete Form 4868 in the Taxslayer program.

Extensions can be filed electronically through TaxSlayer. There is NO CHARGE for this service.

When you choose to file an extension, whichever TaxSlayer account is used to file the extension is the account that must also be used to file your return once it is ready for submission. You will not be able to switch accounts, reset your account, or file through a separate account once you have filed anything (extension or return) through an account for a particular Social Security Number.

To begin filing your extension as a returning user, go to www.taxslayer.com, login to your account and select Federal Section>>Miscellaneous Forms>>Application for Extension (Form 4868).Instructions will then be available to help you fill out and file your extension.

At this time we do not offer state extension forms. If you need to file an extension with a state, please contact the state agency directly for more information on how to do so. Many states accept Form 4868 as a valid state exception; however, some states require a separate extension to be filed. Please check with your state instructions for further information. If you need assistance in finding the appropriate contact for your state agency information please Click Here.

How do I print Form 4868 Application for Extension?

After you have e-filed your Application for Extension form 4868 and you want to print your filed extension, log in to your account and from the "Welcome to My Account" screen click continue.

Then proceed to the summary page tab and select create a pdf. If you have not already paid your Federal filing fees the system will prompt you for a credit card or debit card payment.

Once the payment has been entered you may proceed to print, view or save your documents to your computer.

The form 4868, Application for Extension will be added to your group of tax documents and will be included in the e-filed information when you e-file the rest of the tax returns using the same username and tax year.