All about IRS Form 4868: How to get an extension for your income tax return?
<You can extend your filing deadline but not your paying deadline. Read more to know about 4868.>
Meeting deadlines can be challenging, especially when you have a lot on your plate. If you don’t have time to file your federal 2023 income taxes by April 15, 2024, don’t worry. You can request a six-month extension with the IRS, but you must pay the estimated balance owed by the deadline. Here’s our quick guide about Form 4868(Application for Automatic Extension of Time to File U.S. Individual Income Tax Return), the tax document you’ll need to file for an automatic extension.
What is Form 4868?
U.S. individuals use IRS Form 4868 to obtain an automatic tax extension on filing their federal income tax return (Form 1040). Anyone is eligible for an automatic federal tax extension.
The government will not even inquire why you need more time to file. However, you must still pay any taxes owed by the original deadline. The following steps are necessary if you want to file 4868 properly:
● Estimate your 2023 tax liability based on the information you currently know
● Fill out Line 4 of Form 4868 with your total estimated tax liability
● Pay the tax liability by the regular duedate.
What information is required to file Form 4868?
To complete Form 4868 with the IRS, you have to provide the following information:
● Part I-Identification: Your basic information such as Name, SSN, and Address. You may also be required to provide your spouse's basic details if you file a joint return.
● Part II- Individual Income Tax: You must provide the estimated total tax liability, total payments for the 2023 tax year, and the IRS balance due in Part II.
To learn more about how to fill out Form 4868, click here
Who can file Form 4868?
● Form 4868 can be filed by U.S. individuals who need an extension to file one of the following personal income tax returns:
■ Form 1040
■ Form 1040-SR
■ Form 1040-NR
■ Form 1040-NR-EZ
■ Form 1040-SS
● Generally, Form 4868 can also be filed by 1099 Independent Contractors, Sole Proprietors, and Single Member LLCs (Disregarded entities).
When is the deadline to file a federal income tax extension for 2024?
As mentioned above, the deadline for filing Form 4868 extension with the IRS is April 15, 2024, for most forms, including 1040, 1040-SS, and 1040-SR, and June 17, 2024, for 1040-NR.
Does Form 4868 extend the deadline for paying taxes?
Absolutely not! The extension solely applies to tax filing; the deadline for paying outstanding taxes remains intact. Even if you get an extension, you must pay the IRS any taxes owed for the 2023 tax year by the original deadline. Failure to pay the tax payments within the original duedate will result in hefty penalties.
How to file Form 4868 with the IRS?
Form 4868 can be filed in two different ways with the IRS:
● E-filing: You can file Form 4868 electronically by getting started with an IRS Authorized e-file provider.
● Paper Filing: Form 4868 can be filed on paper by completing the necessary details and mailing it to the IRS. To know more about the 4868 mailing address, click here.
Note: The IRS highly recommends taxpayers e-file Form 4868 because electronic filing reduces the likelihood of errors and allows taxpayers to receive instant updates that the IRS has received their extension request.
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Thanks to our Express Guarantee feature, you can receive an immediate refund if the IRS rejects your 4868 form as a duplicate filing. Furthermore, ExpressExtension makes completing your extension while filing your taxes simple. You can pay your IRS taxes through the Electronic Federal Tax Payment System (EFTPS) or Electronic Funds Withdrawal (EFW).
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