How To File For A Tax Extension

If you can’t make the April 15th deadline to file your taxes, you probably should learn how to file for a tax extension. Although any payments due need to be made by the due date to avoid a late penalty and interest charges, filing the extension prevents a failure to file penalty levied by the IRS against people who don’t meet the deadline. Luckily, filing a tax extension is an easy process and gives you until October 15th to finish your tax paperwork.

1. Download form 4868, available at the IRS website. This extension form not only lists the information you’ll need for the IRS, but gives you instructions on how to file the form, send payments and detail payments made on your 1040 when you file before the extended deadline.
2. Fill out form 4868. There are only nine lines to complete, so the form shouldn’t take long. You’ll need to estimate your tax obligation for the previous year so the IRS has an idea of how much you owe in taxes. Because of your need to estimate your tax liability and show any IRS payments already made, you’ll want to complete as much of your 1040 as possible before finalizing form 4868.
3. Review the methods for filing your 4868 form to decide which is preferable to you. You may e-file or send in the paper form to the IRS.
4. File the extension. If mailing the paper form, review page four of form 4868 to find your state’s appropriate IRS filing address. Make any payment check out to the United States Treasury, and list your Social Security number and filing year in the memo box of your check.
5. Use page four of the instructions for form 4868 if you wish to pay using your debit or credit card by phone or internet. These services may have service fees which can differ from the other options listed.
6. File your tax return by October 15th to meet the extended deadline. List any payments made with your extension on line 68 if you file a 1040. For a 1040-A, list payments on line 44, and on the 1040-EZ use line ten to show payments made with your extension. For other types of 1040 forms, see the instructions with form 4868.