Need a Tax Extension? You Might Already Have One
If you were out of the country, were in the military or in a natural disaster, you might have more time to file.
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Head of Content, New Verticals If you missed the deadline to ask the IRS for a tax extension, there still might be hope. Some people automatically get more time, which can be a lifesaver — if they avoid a few pitfalls.
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- Federal: $79 to $139. Free version available for Simple Form 1040 returns only.
- State: $0 to $69 per state.
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Disclosures: TurboTax Free Edition is for Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest). Roughly 37% of taxpayers qualify.
Who gets more time
People out of the country
U.S. citizens or residents who lived and worked outside the country on the tax deadline may automatically qualify for a two-month tax extension from the IRS
People affected by certain natural disasters
The amount of extra time here varies, but the IRS keeps a list of qualifying disasters and their extension deadlines, notes Justin Prusiensky, a certified public accountant in Charlotte, North Carolina
Some members of the military
The amount of extra time here depends on where the service member is and what they are doing. For example, soldiers in combat areas can get an extra 180 days from their last day in a combat zone to file their tax returns. Hospitalization due to combat injury can further extend the extension
Best Overall Tax Software
AD
- 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.
Disclosures: TurboTax Free Edition is for Simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and Student Loan Interest). Roughly 37% of taxpayers qualify.
Stay on track
If you already filed for a tax extension, or you automatically get one, there are some important things to remember, Prusiensky says.
Estimate what you owe and pay it now
Generally, getting an extension gives you more time to get your tax return to the IRS — it doesn’t buy you more time to pay your taxes. That means you’ll likely owe interest on taxes outstanding after the April deadline, even if you get an extension. The IRS may also assess a late-payment penalty, which normally is 0.5% per month of the outstanding tax not paid by the April deadline (with a maximum of 25% of your unpaid taxes)
“If you think you are going to owe something, throwing any kind of dollars at either the state or the IRS makes a big difference with the penalties and interest later on,” Prusiensky says. The IRS offers installment plans if you can’t pay your whole tax bill at once, he adds.
Remember your state tax return
“Depending on what state you live in, there may be a separate requirement for a separate state extension as well. And if you file in more than one state, you're looking at quite a bit of paperwork on that part,” Prusiensky says.
Stay on top of it
Miss your extension deadline and you might face a steep late-filing penalty of 5% of the amount due for every month or partial month your return is late (up to a maximum of 25% of your unpaid taxes). The lesson: Waiting will raise your tax bill,
“A lot of people procrastinate all the way to mid-October,” Prusiensky says. “People are still chasing down documents and things like that.”
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- 1. Internal Revenue Service. U.S. citizens and resident aliens abroad. Accessed Feb 13, 2024.
- 2. Internal Revenue Service. 2023 Form 4868. Accessed Feb 13, 2024.
- 3. Internal Revenue Service. Tax relief in disaster situations. Accessed Feb 13, 2024.
- 4. Internal Revenue Service. Extension of Deadlines — Combat Zone Service. Accessed Feb 13, 2024.
- 5. Internal Revenue Service. Failure to pay penalty. Accessed Feb 13, 2024.
- 5. Internal Revenue Service. Failure to pay penalty. Accessed Feb 6, 2024.
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