Tax Extension Deadline 2024: What to Know About Oct. 15

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Does the 2024 tax extension deadline apply to me?
- 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.
- 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?
What if I missed the deadline for applying for a tax extension?
Can I file for another tax extension beyond October?
- 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?
- 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?
Article sources
- 1. Internal Revenue Service. Missed the April 18 Filing Deadline? File Now To Limit Penalties and Interest. Accessed Sep 17, 2024.
- 2. Internal Revenue Service. Form 4868: Application for Automatic Extension of Time To File U.S. Individual Income Tax Return .
- 3. Internal Revenue Service. Penalty Relief for Reasonable Cause. Accessed Sep 17, 2024.
- 4. Internal Revenue Service. Failure to File Penalty. Accessed Sep 17, 2024.
- 5. Internal Revenue Service. Failure to Pay Penalty. Accessed Sep 17, 2024.
- 6. Internal Revenue Service. Interest.
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