An extension of time to file
your tax return does not grant you any
extension of time to pay your tax
liability.Filing a
late return will subject you to a
penalty of 5% per month on any unpaid
balance.
Use Form 4868 to apply for an extension
to file.
An extension doesn't extend your time to
pay. If you don't pay at least 90% of
the tax by April 15, a 0.5% per month
late-payment penalty will apply to any
unpaid balance for up to 50 months.
Get an automatic 2-month extension if
you reside outside the U.S. during
filing time.
Why file an extension?
Without a valid extension, a late-filed
return is subject to a 5% per month
penalty on any unpaid balance. The
combined penalties for late-filing and
late-payment can be as much as 47.5%
(see below) of the unpaid tax.
Filing Extension
File Form 4868 to automatically extend
your filing deadline 6 months to Oct.
15. more information here
Extension
of Time to File Your Return
If you don't file your return on time, both the late-filing and
late-payment penalties apply. If both
penalties apply, a penalty of up to 25%
of the balance due will be charged in
the first 5 months. The 0.5% failure to
pay penalty will continue to apply for
up to 45 more months. Note: Interest on
the unpaid balance and accrued penalty
will continue to be charged until the
balance due is paid.
You can get an extension of time from
the IRS to file your return.
You can get an automatic six-month tax
extension for filing Form 1040, Form
1040A or Form 1040EZ by filing Form
4868, Application for Automatic
Extension of Time to File U.S.
Individual Income Return on or before
April 15th (April 17th for 2006). By
filing the extension form, you avoid the
late filing penalty. However, Form 4868
does not extend the time to pay your
taxes. You must pay the amount estimated
to be due for the year. Interest will be
charged on unpaid amounts from the
original due date of the return.
You should send your extension form
to the IRS Service Center where you file
your return. You can also request to pay
any IRS amount due in Installment
Payments.
No late-payment penalties will be
imposed if the total paid equals at
least 90% of the total due and the
remaining unpaid balance is paid before
the end of the extension period.
If you are unable to pay the due amount
and doing so would result in a severe
hardship you can apply for a special
payment extension on Form 1127.
Special IRS rules apply to U.S. citizens
and residents who are not in the United
States on April 15th. For more
information, refer to IRS Publication
54, Tax Guide for U.S. Citizens and
Resident Aliens Abroad.
You are allowed an automatic 2-month tax
extension (until June 15th, if you use a
calendar tax year) to file your tax
return and pay any tax that is due if
you are a U.S. Citizen or resident and
on the regular due date (April 15th, if
you use a calendar tax year):
You are living outside of the United
States and Puerto Rico, and your main
place of business or post of duty is
outside the United States and Puerto
Rico, or you are in the military or
naval service on duty outside the United
States and Puerto Rico.
In such instances, you will have an
additional two months to file your
return and pay any amount due, but
interest will be charged from the
original due date of the return on any
unpaid total. You must attach a
statement to your return, showing that
you met the requirements.
Vacationing is a temporary status that
does not meet the criteria for the
automatic 2-month extension.
An extension of time to file your return
is not valid if it does not show an
accurate estimate of your liability -
based upon all the facts and information
that you have at the time that you filed
the extension. If your estimate is later
found by the IRS to be "improper" your
extension will be revoked and you'll be
subject to penalties for failure to file
your return.
Some storm victims get an extension
in some situations
Taxpayers in West Virginia, Rhode Island
and Massachusetts got a break in 2010 to
file federal returns.
The federal filing deadline allows
some taxpayers who have other things on
their minds, such as coping with recent
storm damage, to get a bit of a break
from the IRS.
The agency decided to give some victims
of severe storms and flooding in West
Virginia, Rhode Island and Massachusetts
more time to get their taxes done.
The IRS made the decision after Obama
declared major disasters in portions of
those three states. Taxpayers who lived
or had businesses in certain
storm-ravage counties in West Virginia,
Rhode Island and Massachusetts had until
May 11 to file their federal returns.
Just goes to show there is some sympathy
from Uncle Same when it is in need.
