Extensions of Time to File Your Tax Return

If you can't meet the April 15 deadline to file your tax return, you can get a four-month extension of time from the IRS. The extension will give you extra time to get the paperwork in to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amounts not paid by the April deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.

You must make an accurate estimate of any tax due when you request an extension. You may also send a payment for the expected balance due, but this is not required to obtain the extension.

To get the automatic extension, file Form 4868, Application for Extension of Time to File U.S. Individual Tax Return, with the IRS by the April 15 deadline, or make an extension-related electronic payment. You can also file your extension request by phone or by computer instead of using the paper Form 4868.

The IRS has a special toll-free phone line for people to request extensions by telephone. The number is 1-888-796-1074. Use Form 4868 as a worksheet to prepare for the call and have a copy of your 2001 tax return.

The system will give you a confirmation number to signify that the extension request has been accepted. Put this confirmation number on your copy of Form 4868 and keep it for your records. Do not send the form to the IRS.

You may also e-file an extension request using tax preparation software on your own computer or by going to a tax preparer. Those filing by computer get an acknowledgment that the IRS has received their request.

If you ask for an extension by phone or computer, you can choose to pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the appropriate bank routing and account numbers for the account. You must also have the adjusted gross income from your 2001 return to verify your identity.

You may also get an extension by making an extension-related credit card payment by phone or the Internet. The processor will charge you a convenience fee for the credit card payment. See the instructions for Form 4868 for information on how to make an extension-related electronic payment.

If your return is completed but you are unable to pay the tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due. You may also request an installment agreement by completing Form 9465, Installment Agreement Request, either when you file the return or when you get the bill. The IRS will charge interest and penalties on the unpaid balance.

If you determine that you need still more time to prepare and file your return

beyond the initial four-month extension, you may be able to get two more months to file. You will have to either write to the IRS or file Form 2688, Application for Additional Extension of Time to File Individual Tax Return. You must give the IRS the reason why the second extension is needed. You should file this second application early, so that if it is not approved you will still be able to file on time. In most cases, except for extreme hardship, a request for this additional time will not be approved unless you have first used the automatic four-month extension.

Special rules apply to U.S. citizens, resident aliens and members of the armed forces whose home and main place of business or post of duty are outside of the United States. For more information about these provisions, see Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad.

You can download the forms and publications or order them by calling the IRS toll free at 1-800-TAX-FORM (1-800-829-3676).

Taxpayers needing IRS forms or publications should act soon to be sure they have the items in time to meet the April deadline.


This daily Tax Tip has been provided by the IRS

Note: These tips are provided to help trigger ideas on ways to minimize your tax burden, not as a substitute for professional advice. There is no "one-size-fits-all" answer - each taxpayer's situation is different. You should contact your tax preparer to determine together how this may affect your unique situation.


Already a member? log in here.

Editor's Choice