How to File IRS Tax Extension
April 15 can easily sneak up on you. Save yourself heartache and stress by learning the steps to filing an extension with the IRS.
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Instructions
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Locate a Form 4868 to file an extension on your income taxes. You can file this form no later than April 15 of the year following the year for which you are filing your taxes. This form can be located at your local postal office or library, or by visiting the IRS website.
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Verify that you qualify for an extension. There are three requirements for filing a Form 4868: a proper estimation of the filing year's tax liability, that total liability entered on line 4 of Form 4868, and an adherence to the deadline by filing Form 4868 by the due date of your tax return (typically April 15).
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Gather all the information needed to complete Form 4868. You will need to know your and your spouse's Social Security numbers if you are filing jointly, an estimate of tax liability, total payments made during the tax year, the balance due and the total amount you are paying at the time you file Form 4868.
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Calculate your total tax liability by subtracting the total tax liability from your tax return, from the total amount of payments you have made during the tax year. This amount will be found on line 5 and subtracted from line 4, on Form 4868.
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Mail your completed Form 4868 to the designated tax authority. A list of addresses pertaining to your state are listed at the bottom of the Form 4868 paperwork to ensure accurate deliver.
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Tips & Warnings
An exception to the rule states that you cannot have an extension for more than six months if you live outside the United States.
Payment options are flexible and allow the filer to pay via check, money order, electronic funds withdrawal or credit card.
Do not attach a copy of Form 4868 to your tax return.
Interest will accrue until your tax liability is fulfilled.
For each month not paid, there will be a penalty of one half of 1 percent of your tax liability, not to exceed 25 percent.
