Form 4868 When Filing State Income Taxes
IRS Form 4868 provides an extension of time to file federal tax papers such as a 1040 but does not provide an extension of time for the tax liability itself. Individuals who owe money to the IRS must pay that amount due or will be charged interest on the amount owed. The three ways to seek an extension are by e-filing, paying with a credit card or mailing in a paper form.
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General Information
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Form 4868 allows for people to get an extension of time to file their tax forms but does not provide an extension of time to pay the actual taxes themselves. That means if a person owes taxes and gets an extension but does not pay what is due until the end of the extension, the IRS will charge interest on the amount that was owed.
Form 4868 allows taxpayers to get 6 or more months extension to file their tax forms. People who are out of the country when taxes are due or who live outside the United States but are citizens may automatically receive an extension or may receive a longer extension.
First Way to File Form 4868: Online
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The first way to pay is online through e-filing. You can e-file on your own or with a tax preparer. If you file on your own, you can use a free program, available on the IRS website below. You will need to know your tax information for last year's taxes to verify your identity. With e-filing it is unnecessary to submit a paper application, unless the amount owed to the IRS is paid with a check or money order, in which case it is used as a voucher.
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Second Way to File Form 4868: Payment by Credit Card
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The second way to pay is either by the phone or over the Internet with a credit card, as long as the amount owed is over a dollar. There is a convenience fee for paying with a credit card. With payment by credit card, it is unnecessary to submit a paper application.
Third Way to File Form 4868: Paper Application
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People who file their taxes based on a fiscal year--that is, they calculate their taxes based on a year that begins on a different date than January 1--must file a paper application. Filing a paper application merely entails printing off the form, filling it in and mailing it to the IRS office listed on page 4 of the form. With a paper application, it is unnecessary to e-file or pay by credit card.
Penalties
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There are penalties for filing taxes late. Generally, that penalty is around 5 percent of the total due for each month the return is late. For returns that are more than 60 days late, the penalty is the tax due on the return or $135, whichever is smaller.
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