Need 6 More Months to File Your Taxes? Here’s How to Get ‘Em.

The one thing we all know comes every year: filing taxes. But life happens, and sometimes you can’t get everything done by Tax Day (on or around April 15). Thankfully, the IRS gives Americans the option for a tax extension. Aka, an extra few months (until mid-October) to file your paperwork. It’s something that 1 in 10 taxpayers take advantage of every year. So no need to be too hard on yourself if you need one, too. 

How do I know if I qualify for a tax extension?

The IRS will let you know after you submit a 4868 form. Hint: It’ll probably be approved automatically. And as long as you submitted it by Tax Day, you can count on a mid-October deadline. The best part: It’s free and no excuses are needed.

If I file for a tax extension, will I have more time to pay my taxes?

Not in most cases.  Even if you submit your tax extension form by the IRS deadline, you still need to pay your estimated taxes by the normal deadline. If not, you could be charged interest or penalty fees. The Failure to Pay Penalty is 6% of your unpaid taxes for each month you don’t pay. 

How do I know how much I owe?

Start by looking at your taxable income. Aka your gross pay minus tax deductions. Next, review the tax brackets to see where you fit and estimate how much you owe. Unless taxes deducted from your paycheck covered everything. In that case (or if you overpay), the IRS might owe you a refund. Too confusing? Don’t hesitate to reach out to a tax pro for help.

So no one gets a tax payment extension?

There are a few exceptions:. 

If you’re traveling abroad

If you’re living or working abroad when the tax deadline rolls around (hi, digital nomads), you can pay your taxes up to two months after the deadline. Plot twist: You’ll have to pay interest too. 

If you’re in a combat zone

If you’re in the military and stationed in a combat zone, Uncle Sam is okay with a late tax payment. You’ll have an extra two months to make your payments. 

If you’re a victim of a natural disaster

If you’ve been through a natural disaster (think: a hurricane or wildfire), you might get extra time to file your taxes. And you might have more time to pay your taxes, too. Because when the Federal Emergency Management Agency (FEMA) issues a disaster declaration, the IRS usually gives victims additional time to get their taxes squared away. You can always check the IRS’s website to see if you fall under this category.

PS: In these situations, you’ll have an extension even if you don’t ask for one. Phew.

Would I need documentation for a tax payment extension?

If your tax payments are late because you fall under one of the two categories above, the IRS recommends keeping important documents for at least three years. Think: Records of international tax payments, international housing costs, or medical expenses. Just in case the agency asks for more info.

Anything I need to have ready before I file a tax extension?

Yes. 

Proof of identification

This could include your Social Security number, and your spouse’s Social Security number (if you’re filing a joint tax return). 

Income tax information

These documents include your tax liabilities, your total balance due, and the total you plan on immediately paying. Not sure? Check your 1040 form or reach out to HR to point you in the right direction. Remember, tax pros are also an option. 

Got it. So how do I actually submit form 4868 for a tax extension?

Click the image below to view and download the form. Easy as 1, 2, 3.

If you’re e-filing

Head over to the IRS site, submit your 4868 form, and wait for an email confirmation that the IRS got your request.   

If you’re filing by mail

You can download the form from the IRS website and print it out at home. Or, you could check your local library or post office in the area where they keep other tax forms. Another option is to call the IRS at 1-800-829-3676 to request that they mail you one. Once the form is filled out, mail it to 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. 

Can my tax extension be rejected?

It could happen...but it's very unlikely. When a tax extension is rejected, it’s usually because of a minor issue that can be easily fixed. Like misspelled words or incorrect dates.

What else do I need to know about my tax extension?

If you file Form 4868 by Tax Day, your new deadline to file your taxes is mid-October. If you miss the extended deadline, focus on filing your taxes ASAP. The longer you wait, the higher your penalties will be. Because they’ll be retroactive to the original Tax Day deadline. 

theSkimm

No need to panic if you didn't complete your tax filing process by Tax Day. The IRS does a pretty good job of giving extra time for tax filing. But make sure you don’t miss the extended deadline to avoid paying any penalties.