A tax extension gives you more time to file your return. If you owe taxes, you are still required to pay by the official IRS deadline even though your return is due at a later date – typically October 15. Millions of taxpayers request extensions every year. We’ve explained everything you need to know about tax extensions, and how TaxSlayer can help when you need extra time to file.
How do I file a tax extension?
You can easily request a tax extension from the IRS by filing Form 4868.
You will need the following information to fill out the extension request form:
- Name
- Address
- Social Security
- Spouse’s SSN (if filing jointly)
- Estimated tax liability
- Total taxes paid throughout the year
Generally, requests for extensions are always accepted by the IRS. To qualify for an extension, you should:
- Estimate your tax liability based on the information available to you and include it on your extension request
- Be sure to file the extension request by the tax deadline, typically April 15
How to file a tax extension for free with TaxSlayer
To file a tax extension for free, follow these steps:
- Log in to your TaxSlayer account. If you don’t have an existing account, you can create one.
- Go to the Federal Section
- Select Miscellaneous Forms
Select Begin to complete your Application for Automatic Extension of Time to File (Form 4868)
Should I file a tax extension?
If you cannot meet the filing deadline and you expect to have an amount due, then you should request an extension of time to file.
If you will be getting a refund from the IRS, you do not need to file an extension at all.
You have three years from the filing due date to submit your return and claim your refund.
If you think you’ll miss the deadline because you are waiting for a W-2, contact your employer and ask them to send it to you. They are required to mail you your form(s) no later than January 31st.
Who automatically gets extra time to file a tax return?
Military serving in a combat zone have at least 180 days after leaving the designated combat zone to file and pay taxes.
U.S. citizens living abroad (including military) get two extra months to file a tax return without requesting an extension.
Victims of a federal disaster may receive extra time to file and pay their taxes. The IRS will announce the specific date when taxes are due for the affected individuals, businesses, relief workers, and anyone whose tax records were located in the federally declared disaster area.
What to do after filing a tax extension
When you request a tax extension, two things happen. First, you avoid a late filing penalty. Second, you receive six extra months to file your tax return. However, it’s important to note that the extension does not provide you with more time to pay the amount owed. It simply gives you additional time to complete and file your return.
So, what happens after you file a tax extension?
1. Pay your tax bill
Pay as much as you can when you request the extension. If you are having trouble covering your entire tax liability, the IRS offers payment plans to qualified taxpayers.
2. Gather your tax documents and records
Keep all your paperwork together. If you are still waiting on a tax form, you’ll be ready to file once it arrives.
3. Take the time to file your return correctly
Having extra time when needed can help you slow down and file accurately the first time, so you don’t have to file an amended return to fix it later.
Is there a penalty for filing a tax extension?
No, there is no penalty for filing a tax extension. In fact, requesting an extension allows you to avoid a late filing penalty.
How do I make a payment to the IRS if I am filing a tax extension?
To make payment when you file your extension, you can provide your bank information and have the tax withdrawn directly from your bank account, or you can go to the IRS website and pay by credit card or check. Checks must be mailed to the IRS and attached to the printed extension form. Make checks payable to “United States Treasury”. If you are not enclosing a payment, you will mail your extension to the Department of Treasury. The specific IRS and Department of Treasury address you mail your extension to varies based on the state you live in.
Do I have to file a separate extension for state taxes?
Maybe. Depending on which state you live in, the rules for filing an extension will vary. Some states recognize the federal extension and will automatically grant you more time to file your state return. Others want you to make a separate request. To confirm whether you need to file a separate request, refer to your state’s Department of Revenue.
Additional tax extension FAQs
Whether you need more time to file your return or want to get a better idea of what an extension means for you, these FAQs are here to help.
When are taxes due with an extension?
When you request a tax extension, your new deadline to file is six months following the standard deadline, which typically falls on October 15. However, any taxes due must be paid by the original due date in April to prevent incurring late fees.
Can I file a tax extension electronically?
Yes, you can file a tax extension electronically for free with TaxSlayer. The process is quick and convenient, ensuring that your extension request is submitted accurately and on time.
When should I request a tax extension?
It is wise to request an extension as soon as you know you need extra time to file. If you realize you won’t be able to file your tax return by the due date, typically April 15, it’s best to do this as soon as possible to avoid penalties.
Does filing an extension increase the chance of audit?
Filing an extension does not increase your chances of being audited by the IRS. If anything, it will help ensure you file an accurate return if you’re feeling too rushed to meet the deadline.
What happens if I miss the extension deadline?
The IRS imposes late filing penalties that can quickly accumulate, and failing to pay on time will also accrue interest, increasing your tax bill. If you missed the deadline after filing for an extension, it’s important to file your tax return as soon as possible to reduce penalties.
