Extension of Time for Filing
Extension of Time for Filing means:
an additional period of time to file a tax return. For example, an automatic 4-month extension of time to file an individual tax return (Form 1040) is obtained by filing Former Federal Tax Form (check here if the Form is current) 4868 by April 15. An additional 2-month extension to file may be obtained by filing Former Federal Tax Form (check here if the Form is current) 2688 and stating the reason for requesting the additional extension. This request may however, be denied by the U.S. Internal Revenue Service. An extension of more than 6 months will not be granted if the taxpayer is in the United States.
A corporation may obtain an automatic extension of 6 months for filing Former Federal Tax Form (check here if the Form is current) 1120 or Former Federal Tax Form (check here if the Form is current) 1120S by filing Former Federal Tax Form (check here if the Form is current) 7004 by the due date of the tax return. Former Federal Tax Form (check here if the Form is current) 8736 gives partnerships and trusts an automatic 3-month extension. When sufficient reason is shown, the U.S. Internal Revenue Service will grant up to 6 months’ extension of time for filing a federal estate tax, partnership, or fiduciary income tax return. An extension of time for filing the individual tax return also extends the time for filing the gift tax return (Form 709). A qualified U.S. resident abroad has an automatic 2-month extension until June 15 without filing a request.
Can I get a tax extension from the IRS?
By Julian Block (2013), former IRS Special Agent and tax Editor of Mutual Funds Magazine.
Yes, you can get an extension of time from the IRS to file your tax 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 Tax Return on or before April 15th (April 17th for 2006). By filing the extension tax form, you avoid the late filing tax penalty. However, Form 4868 does not extend the time to pay your tax. You must pay the amount of the tax estimated to be due for the tax year. Interest will be charged on unpaid tax from the original due date of the tax return.
You should send your extension tax form to the IRS Service Center where you file your tax return.
You can also request to pay any IRS tax due in Installment Payments.
No late-payment tax penalties will be imposed if the total tax paid (through tax withholding, estimated tax payments, or the amount accompanying Form 4868) equals at least 90% of the total tax due and the remaining unpaid balance of tax is paid with the tax return before the end of the tax extension period.
If you are unable to pay the tax due and doing so would result in a severe hardship you can apply for a special tax payment extension on Form 1127.
I’ll be overseas on April 15th…
Special IRS tax 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 tax return and pay any tax that is due, but interest will be charged from the original due date of the tax return on any unpaid tax. You must attach a statement to your tax return, showing that you met the requirements.
Vacationing is a temporary status that does not meet the criteria for the automatic 2-month tax extension.
An extension of time to file your tax return is not valid if it does not show an accurate estimate of your tax liability – based upon all the facts and information that you have at the time that you filed the tax extension. If your estimate of tax is later found by the IRS to be “improper” your tax extension will be revoked and you’ll be subject to tax penalties for failure to file your tax return.
Related information about an IRS tax extension
- Installment Payments
- I owe money. What should I do?
IRS publications about an IRS tax extension
For more details about a tax extension, refer to Tax Topic 304, Extensions of Time to File Your Tax Return. Also see IRS Publication 17, Your Federal Income Tax.
Resources
See Also
See the entries Income Tax and State Income Tax in the American Encyclopedia of Law.
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