For everyone, meeting the tax deadline is an essential duty! On occasion, though, you might not be able to have your returns ready in time. At this point, you should think about requesting an extension
The deadline for filing personal tax returns with the IRS is April 15th. If you haven't yet collected the necessary information, you can use Form 4868 to ask for an extension You'll learn more about Form 4868 in this blog, including its definition, the data it needs, and any additional requirements
Let's get started.
Understanding Form 4868
Individual taxpayers in the US can request an automatic six-month tax extension for their federal income tax return by completing Form 4868, commonly known as the "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." All you have to do is submit your 4868 return by the standard tax return deadline.
The time frame for filing your return is automatically extended by Form 4868, but it does not extend the deadline for paying your federal income taxes. As usual, payments must still be made before the deadline.
Who can File a Form 4868?
Following are the individuals can file form 4868 online with the IRS:
● U.S. Taxpayers who file Federal Individual Income Tax Returns (1040 Series)
● 1099 Independent Contractors
● Sole Proprietorships
● Single-member LLCs (Disregarded entities)
Which Forms does Form 4868 apply to?
This form can be used to request an extension for the following individual tax forms:
● Form 1040: U.S. Individual Income Tax Return
● Form 1040-SR: U.S. Tax Return for Seniors
● Form 1040-NR: U.S. Nonresident Alien Income Tax Return
● Form 10940-NR-EZ: U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents
● Form 1040-SS: U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico)
What information is needed to file Form 4868 with the IRS?
To fill out Form 4868, you are required to provide the following information:
● Your basic details, including Name, Address, & SSN
● Your spouse's Social Security Number (if you are filing a joint return)
● Estimate of Total tax liability for the 2023 tax year
● Estimate of Total Payments for the 2023 tax year
● IRS balance due
To learn more about the instructions to complete Form 4868, click here.
When is the deadline to file Form 4868 with the IRS?
If you wish to extend the deadline for your income tax returns, such as 1040, 1040-SS, 1040-NR, and 104O-NZ-EZ, you must file Form 4868 with the taxes payable by the respective form's original deadline.
For most of these forms, the due date to file form 4868 extension is April 15, 2024; for 1040-NR filers, it is June 17, 2024.
How to file Form 4868 with the IRS?
Form 4868 can be online or on paper filed with the IRS. However, for speedier processing and real-time updates, the IRS advises using E-file form 4868.
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