Tax Extension Deadline 2024: What to Know About Oct. 15
If you miss the Oct. 15 tax extension deadline, you may owe more interest, late-payment penalties and/or a late-filing penalty.
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The IRS receives millions of tax extension requests each year. If you're among the many people who requested one back in April, your new filing deadline is quickly approaching.
Does the 2024 tax extension deadline apply to me?
Those who filed IRS Form 4868 on or before April 15, 2024, to request a tax extension have until Oct. 15, 2024, to get their 2023 returns to the IRS. If you didn't request an extension and didn't file by the deadline, your taxes are late in the eyes of the IRS. The agency can assess penalties and interest on your outstanding tax bill.
Some notable exceptions:
Certain people may get more time to file. This often includes military personnel, people who live abroad or people affected by a qualifying disaster, but the timeline can vary depending on the situation. Check the IRS website for more information.
You’re due a refund. The IRS doesn't impose penalties or interest on returns if you're due a refund. But it’s a good idea to file your late return as soon as possible to avoid having the IRS file a substitute return on your behalf. Filing can also help you recoup any money due back to you from refundable tax credits you may have been eligible for, such as the child tax credit or the earned income tax credit.
» Learn more: Read our full list of tax deadlines
5.0
NerdWallet rating- Federal: $79 to $139. Free version available for Simple Form 1040 returns only.
- State: $0 to $69 per state.
- Expert help or full service filing is available with an upgrade to Live packages for a fee.
What if I got a tax extension but forgot to pay?
A common misconception about tax extensions is that they push out the deadline to both file and pay your taxes. But the reality is that, even with an extension, the IRS expects you to have estimated your tax bill and paid at least 90% of it by the regular filing deadline, which was April 15, 2024.
If you applied for an extension but didn't submit an estimated payment to cover your tax bill, you may be facing late-payment penalties and interest on your bill. However, some taxpayers may be eligible for penalty abatement if this is their first time getting a penalty or they have what the IRS calls "reasonable cause."
What if I missed the deadline for applying for a tax extension?
If you didn't get a chance to submit a tax extension request by April 15, 2024, the IRS urges you to submit your tax return and pay your bill as quickly as possible to lower penalties and interest. The agency offers several options for those who can't afford their tax bill, including IRS payment plans, that can help you whittle away the balance over time.
» MORE: How to make an IRS payment
Can I file for another tax extension beyond October?
No. The IRS only allows for one extension period, which moves the filing deadline from April to October. Beyond this, secondary or multiple tax extensions are not allowed.
5.0
NerdWallet rating- Federal: $79 to $139. Free version available for Simple Form 1040 returns only.
- State: $0 to $69 per state.
- Expert help or full service filing is available with an upgrade to Live packages for a fee.
What happens if I miss the October tax extension deadline?
If you filed for an extension and miss the October deadline, here’s what you can expect to happen:
You may owe a late-filing penalty. The IRS can hit you with a late-filing penalty of 5% of the amount due for every month or partial month your tax return is late, up to 25% of the amount due.
That fee increases the longer you wait. If your return is over 60 days late, the minimum penalty for not filing increases to $485 or the amount of tax owed, whichever is smaller.
You may also owe a late-payment penalty. The IRS' late-payment penalty typically is 0.5% per month of the outstanding tax not paid by the filing deadline. The maximum penalty is 25% of your unpaid taxes, which continues to accrue until your bill is paid.
Don’t forget about the interest. Interest starts accruing on your late tax bill immediately after the tax filing deadline in April, so if you haven’t yet paid, your fees may be hefty.
I still need to file. What are my options?
Here’s a rundown of resources available to help tax filers get their returns to the agency.
Tax software: Quality tax software can ease the burden of filing by guiding you through the process with user-friendly import options and a Q&A-style interface. Many companies even offer free packages for those with simple tax returns. If you need more assistance, many programs also have a “tax pro” add-on that can connect you with human help. The IRS Free File program will also remain open through the extension deadline.
Tax preparer/CPA: If you prefer to work on your tax documents in a face-to-face setting, have complex tax needs, or need some extra guidance, working with a tax preparer or a CPA who specializes in taxes is another option.