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

Missed the deadline? You may owe more interest, late-payment penalties and/or a late-filing penalty.
Tina Orem
Sabrina Parys
By Sabrina Parys and  Tina Orem 
Updated
Edited by Arielle O'Shea

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Each year, the IRS receives millions of tax extension requests

. If you're among the many people who plan to submit Form 4868 by tax day, you'll have until Oct. 15, 2024, to file your 2023 tax return .

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Does the 2024 tax extension deadline apply to me?

Those who file IRS Form 4868 on or before April 15, 2024, to request a tax extension have until Oct. 15, 2024, to get their returns to the IRS.

If you don't request an extension and don't file by the deadline, your taxes will likely be late in the eyes of the IRS. The agency can assess penalties and interest on your outstanding tax bill.

Some notable exceptions:

What if I get a tax extension but forget to pay?

A common misconception about tax extensions is that they advance the deadline to 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 apply for an extension but don't submit an estimated payment to cover your tax bill, you may face late-payment penalties and interest on your bill. However, some taxpayers may be eligible for penalty abatement if this is their first time facing a penalty or they have what the IRS calls "reasonable cause."

Internal Revenue Service. Penalty Relief for Reasonable Cause. Accessed Oct 5, 2023.

What if I miss the deadline for applying for a tax extension?

If you don'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.

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With NerdWallet Taxes powered by Column Tax, registered NerdWallet members pay one fee, regardless of your tax situation. Plus, you'll get free support from tax experts. Sign up for access today.

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What happens if I miss the October tax extension deadline?

If you file 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 $450 or the amount of tax owed, whichever is smaller

Internal Revenue Service. Failure to File Penalty.
.

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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

Internal Revenue Service. Failure to Pay Penalty.
.

Don’t forget about the interest. Interest starts accruing on your late tax bill immediately after the tax filing deadline in April

Internal Revenue Service. Interest.
, 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 using intuitive 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.

Tax preparer/CPA: If you prefer to work on your tax documents in a face-to-face setting, have some complex tax needs to contend with, or aren’t sure about next steps and need some guidance, working with a tax preparer or another tax pro, such as CPA who specializes in taxes, is another option.

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