Today’s the big day for most people in the US to file their federal income tax returns. (States taxes as well, except for a few states that file later, or don’t have income taxes at all.) But if your taxes aren’t ready yet and won’t be by midnight, you have an option: Get an Extension. That gives you until October 15 to file.Just know that the extension must also be filed by midnight tonight, April 15, 2024. If not, you’ve got trouble. The reasons to do it are myriad. Maybe you don’t have all your forms. Maybe you’re swamped with life. Maybe taxes and life are just complicated. Maybe you just don’t have the money to pay your taxes right now. Maybe all of the above.Luckily, filing an extension is easy. And if you do it, you get that extra six months to get yourself together and file (with some caveats).How to File for an Extension With Tax SoftwareIf you’re already using tax return software, filing an extension is built right in.For example, in Intuit TurboTax on the desktop, in the left-hand navigation at the bottom, you’ll see File an Extension. Just as it would walk you through an “interview,” go gather information for your tax return and it will do the same to collect the info you need to file an extension. Some of the info might come from estimating your tax liability from 2023; for that, Intuit also provides a calculator called the TaxCaster.
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The other top tax filing software also have options for filing an extension. For example, with H&R Block, you should have an Extension tab visible even if you started filling in your return. FreeTaxUSA lets you jump right to a free extension filing (but you still need to set up an account).The IRS also lists all the tax software partners that it works with—like FreeTaxUSA, TaxAct, TaxSlayer, and others—to offer extensions. However, the IRS also now offers IRS Free File for qualified users, and even if you don’t qualify there are still online Free File Fillable Forms—and that includes filling in an extension form. Again, you’ll have to set up an account to use it.
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If you don’t like desktop software/websites, the IRS now offers IRS2Go, a mobile app available for Android and iOS. It’s nice for monitoring where your refund is. But if you want it to file an extension, all it does is give you a convenient way to navigate the IRS website and get access to FreeFile, just on a smaller screen. It does, however, offer a convenient way to make payments to the IRS, which you may need to do even with an extension (see below).
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How to File for a Tax Extension Via MailIf you’re more hands on, you can do the form yourself. After all, the only thing the software above is doing for you is filling in a form, in this case, it’s IRS Form 4868, aka “Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.” You can get it as a PDF from the IRS website. You can print it, fill in the few boxes on the front, stick it in an envelope, and mail it before midnight. (Make sure it gets a postmark for April 15. Some US Postal Service offices stay open until midnight tonight, but not as many as there used to be. Use the USPS.com Locations tool to find the office nearest to you that will remain open.)You can probably also find Form 4868 right at the post office.Pay the extra for certified or registered mail. If it gets lost, you have no proof otherwise that you filed on time. This is why it’s smarter to keep the filing electronic, so you get instant confirmation that it happened.Exceptions and Penalties for Tax ExtensionsYou know who doesn’t need to file for an extension? People the government owes a refund. That said, don’t forget to file eventually or you may forfeit that money (you have three years).
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You can also get a couple of extra months to file if you live overseas for work or military service—in which case you have until June. If you’re in a combat zone, you don’t have to file until you return home, from which point you get 180 days.Is there a penalty for filing an extension? Not per se, but the one thing it does not excuse you from is paying your taxes on time. That’s right, even though you’re applying to not file your taxes on time, you’re still expected to pay up to 90% of what you owe, on time. The late-fee penalties for not doing so can pile up: it’s 0.5% of any unpaid taxes owed for each month you don’t file a return, up to 25% of the total owed. So it doesn’t always pay to wait until October—you might just be waiting to pay six months of late penalties on top of what you owe.The penalty for failing to file at all is worse at a full 5% (not 0.5%) of your unpaid taxes per month up to that same max of 25%. It’s why an extension can help you a lot even if you don’t have the money to pay right now. But you can get hit a failure-to-file penalty again on October 15 if you don’t file after the extension.If you estimate what you owe, you can pay it the same day you file the extension via IRS Direct Pay. The tax software above will also help you pay the estimate, of course. Penalties and interest only stop once the balance owed to the IRS—as stated on correctly filed tax returns—is fully paid.Remember, you have the right to appeal to the IRS before you pay a single dime. It’s all part of the Tax Payer Bill of Rights.
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