Struggling to file federal taxes at the given time? Need an extension? You can apply for an extension of the deadline to file your federal income tax using Form 4868. In this article, let’s explore the details of Form 4868, who may need it, how to file it and when, among other aspects. Get a quick and accurate estimate of your federal and state tax refund using Beem and get the maximum refund.
What is Form 4868?
An IRS Form 4868 is an application for an automatic extension of time to file a U.S. individual income tax return. Form 4868 can get you an extension of six to 12 months, given your application is accepted.
The cut-off date to submit Form 4868 is the last tax filing deadline, which is the end of a financial year. You will lose your chance at deadline extension if you fail to file form 4868 by the deadline.
How does Form 4868 work?
If the IRS gets your Form 4868 by the deadline, you will still need to pay the majority of the taxes you owe the federal government by mid-April. In case you fail to do so, you will be charged an interest amount on the taxes you owe the government. This means you must pay 90 percent of the total amount you owe in taxes to avoid late payment penalties.
By filing Form 4868, you are only notifying the federal government that your tax return, usually Form 1040 or any additional paperwork, will reach them post-deadline.
Who May File Form 4868?
Form 4868 can help you gracefully sidestep the tax deadline stress. If you’re a U.S. citizen or resident looking for more time to tackle that individual income tax return, you can file an extension – up to a cozy six months.
You can still file and pay any amount due without wrestling with the notorious Form 4868. Now, onto the nitty-gritty. Need an extension? Here are three avenues:
Planning on extending your estimated tax payment? You can mark it as an extension using Direct Pay or the Federal Tax Payment System or swipe your credit or debit card for that extra breathing room.
Prefer the electronic route? No problemo! Fire up your tax software or ring up your friendly neighborhood tax professional in the e-file game. Form 4868 meets the digital age.
Feeling a bit old-school? Totally get it! Grab a pen, fill out a good ol’ paper Form 4868, and if you’re feeling generous, throw in a check for your estimated tax. Classic moves, my friend.
Residents living beyond the U.S. border
Now, those residing beyond U.S. borders can file Form 4868 from their faraway haven, and ta-da – an extra four months for tax filing. “Outside the United States” club is open to those with their main work stomping grounds beyond the U.S. and Puerto Rican borders or our brave military souls stationed in lands unknown.
So there you have it – tax extensions made human. Here’s to a stress-free tax season, one extension at a time! Cheers!
Paper Perfection: Old school, you say? No problem! Grab a pen, dust off your snail mail skills, and send a paper Form 4868 with your optional estimated tax payment. It’s like tax correspondence in the age of emails.
How to File Form 4868?
Applying for a tax extension is a straightforward process with multiple options available. One can electronically submit an extension request through the IRS e-file program or utilize tax preparation software such as Beem. Alternatively, there’s the traditional method of mailing a paper copy of the form, with instructions provided on where to send it along with any applicable payment via check or money order.
Form 4868 comprises two sections. In Part 1, details like name, address, and Social Security number (and spouse’s if filing jointly) are filled in. The order on the form should match the primary name on the upcoming income tax return, as per Form 1040.
In Part 2, Line 4 prompts an estimate of total tax liability, mirroring the entry on line 15 of Form 1040. Referencing W-2 forms and commencing work on the tax return is necessary to complete this section.
Line 5 seeks an estimate of taxes already paid, a figure later entered on line 18 of Form 1040. The owed taxes result from subtracting Line 5 from Line 4, and this amount is recorded on Line 6.
On Line 7, the amount ready for payment is entered. While full payment isn’t obligatory for filing a tax extension, remitting as much as possible is advisable to mitigate late-payment penalties and interest.
Line 8 includes a checkbox to indicate being out of the country on Tax Day, while Line 9 asks for a checkbox if planning to file Tax Form 1040NR or 1040NR-EZ.
An automatic two-month extension is granted for U.S. citizens residing abroad during tax season. If additional time is needed, filing Form 4868 allows an extra four-month extension.
What Information is Required on Form 4868?
Form 4868 requires providing fundamental details, including your name, address, Social Security number or individual taxpayer identification number (ITIN). If there is a tax obligation, it is necessary to include an estimate of the owed amount and the corresponding payment.
For estimating your taxes, you may refer to the previous year’s owed amount if significant changes in your income have yet to be made. Alternatively, utilizing a tax calculator or tax preparation software is another option. Opting for professional advice or employing IRS Form 1040-ES might result in a more accurate estimate.
Who Can File Form 4868?
Individuals seeking additional time to submit federal income tax returns for various reasons can utilize Form 4868. This form extends the deadlines for several tax return forms, including Form 1040 (U.S. Individual Tax Return); Form 1040-SR (U.S. Tax Return for Seniors); Form 1040-NR (U.S. Nonresident Alien Income Tax Return); Form 1040-PR (Self-Employment Tax Return-Puerto Rico); and Form 1040-SS (U.S. Self-Employment Tax Return).
What is the cost of filing Form 4868?
Submitting Form 4868 can be done by mailing the paper extension, though remember you’ll be responsible for covering the postage cost. Alternatively, you can opt for a cost-free online filing using IRS Free Fillable Forms. Various IRS Free File providers extend this service to taxpayers without charge for electronic extension filing, irrespective of their income level.
Several well-known providers offer free extension filing for those loyal to specific tax preparation software. It’s worth noting that, as you approach the tax filing deadline, some of these providers may introduce fees for the service.
Conclusion
Any U.S. taxpayer requiring additional time to submit their federal tax return can access Form 4868. Upon filling it out and sending it to the IRS, they’ll be granted a six-month extension for the tax return due date, stretching until October. It’s essential to note that while the paperwork deadline gets extended, any owed taxes are still expected to be settled by the original April filing date. Use Beem’s tax calculator and get the maximum refund without any hidden charges.
FAQs
Where to download Form 4868?
You can download Form 4868 directly from the Internal Revenue Service (IRS) official website at www.irs.gov. Look for the “Forms & Instructions” section, and you should be able to find and download the form easily.
Where to send a paper Form 4868?
To find the correct mailing address for a paper Form 4868, refer to the instructions provided on the official IRS website or contact the IRS directly for the most accurate information.
When not to file Form 4868?
You don’t need to file Form 4868 if you can meet the original tax filing deadline. However, if you cannot file on time, Form 4868 can be a valuable tool to request an extension.
How much extra time does Form 4868 give you?
Form 4868 provides a maximum extension of six months, pushing the tax return deadline from April to October.
