Don’t Miss the Oct. 17 Tax Extension Deadline

A tax extension could give you more time to file, but not more time to pay. Keep your eye on the calendar for Oct. 17 to avoid additional penalties and fees.
Sep 15, 2022

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This year, the IRS received about 19 million requests for tax extensions.

If you're among those who filed for one, be sure to keep the deadline (Oct. 17) on your calendar. A tax extension gives you until then to file your tax return. It's not an extension of time to pay your taxes — those were still due in April.

Here’s more on how the tax extension deadline works.

Does the tax extension deadline apply to me?

  • If you filed IRS Form 4868 on or before the tax deadline, the tax extension deadline gives you until October 17, 2022, to file your tax return.

  • If you didn't file IRS Form 4868 on or before the April 18 deadline, and you didn't file your tax return either, your taxes are likely going to be very, very late in the eyes of the IRS. The IRS can assess interest on your outstanding tax bill, as well as failure-to-file penalties and failure-to-pay penalties.

  • Some people automatically get more time to file. This often includes military personnel or persons affected by a qualifying disaster.

What happens if I miss the October tax extension deadline?

  • You’ll owe more interest. A tax extension gives you more time to file your return, not more time to pay.

  • You may owe a higher late-payment penalty. The IRS's late-payment penalty normally is 0.5% per month of the outstanding tax not paid by the filing deadline. The maximum penalty is 25%. You're supposed to pay at least 90% of your tax liability by the regular filing deadline.

  • You may owe a late-filing penalty. The IRS can also sock you with a late-filing penalty of 5% of the amount due for every month or partial month your tax return is late. The maximum penalty is 25% of the amount due.

How can I get an extension for my next tax return?

If you already know you’ll need more time to do your 2022 taxes, be sure to file IRS Form 4868 on or before next year's tax-filing deadline.

  • Again, getting an extension does not give you more time to pay the taxes you owe — it only gives you more time to file your tax return. When you file for an extension, you can estimate what you owe and send some or all of that with your extension request. If the estimated payment ends up being less than what you actually owe, you’ll likely need to pay interest on the difference. The longer that’s outstanding, the more interest you may rack up.

  • Don’t neglect filing just because you can’t pay the bill. The IRS offers installment plans if you can’t pay your taxes.

  • Federal: $24.95 to $64.95. Free version available for simple returns only.

  • State: $29.95 to $44.95.

  • All filers get access to Xpert Assist for free until April 7.

Promotion: NerdWallet users get 25% off federal and state filing costs.

  • Federal: $39 to $119. Free version available for simple returns only.

  • State: $49 per state.

  • TurboTax Live packages offer review with a tax expert.

Promotion: NerdWallet users can save up to $15 on TurboTax.

  • Federal: $29.99 to $84.99. Free version available for simple returns only.

  • State: $36.99 per state.

  • Online Assist add-on gets you on-demand tax help.

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