4868 Form 2022 Printable, Fillable PDF – In what capacity does 4868 Form: Application for Automatic Extension of Time to File an Individual Income Tax Return in the United States of America serve?
If you are unable to submit your federal income tax return by the due date, you may request an extension by simply requesting one in writing.
In order to get an extension, you must complete and submit 4868 Form, Application for Automatic Extension of Time to File a United States Individual Income Tax Return, which is administered by the Internal Revenue Service (IRS).
Notably, this does not give you any further time to pay any taxes that you may owe. It does nothing more than prolong the date for completing and submitting the documentation.
- 4868 Form allows taxpayers to request a six-month extension of time to submit their federal income tax returns, regardless of the reason for the request.
- In the case of federal income tax returns that are due on April 15, you would have until October 15 to file your return.
- In order to be eligible for an extension, you must submit the necessary paperwork before the tax filing date.
- In the event that you owe taxes, filing an IRS extension does not provide you with any further time to make the payments.
- If you owe taxes and don’t pay them by the income tax deadline, you’ll be liable for interest and penalties on unpaid taxes, which begin accruing on the initial due date, regardless of whether you asked for an extension of time to pay your taxes.
Because of Hurricane Ida, several people and company owners in Louisiana and sections of Mississippi, as well as New York, Pennsylvania, and New Jersey, have been given extensions on their filing and payment deadlines with the Internal Revenue Service. The majority of them are related to forthcoming quarterly filing and payment deadlines.
Form 4868: What You Need To Know
If you have not yet received all of the information necessary to complete your tax return, you may be required to request an extension. A Schedule K-1 from a trust in which you are a beneficiary can, for example, be gone from your possession.
If you are self-employed, seeking a file extension has the extra advantage of providing you with more time to complete your tax return. According to the law, a simplified employee pension (SEP) retirement plan may be established and funded until the extended due date.
If you request an extension, you will not be subject to any late-filing penalties as long as you submit your return by the extended deadline. If you do not, you will be charged a late filing penalty of 5% of the amount owed for each month or part of a month that your return is not filed on time.If your return is more than 60 days late, you will be subject to a minimum penalty of $435 (as of 2020) or the amount of the balance owed, whichever is greater.
It’s crucial to remember that applying for an extension does not relieve you of the responsibility of paying any taxes that are due by the deadline. If you pay late, you will be subject to interest and other penalties, regardless of whether you submit4868 Form.
The submission of the federal form, depending on your state, may also entitle you to an automatic extension for state income tax reasons.
4868 Form, Application for Automatic Extension of Time to File a U.S. Individual Income Tax Return, is available for download here.
The IRS website has all versions of 4868 Form accessible for download.
Who Is Eligible To Submit Form 4868?
For whatever reason, 4868 Form may be used by taxpayers who need more time to submit their federal income tax returns. You may use the form to request an extension for a variety of 1040 series returns, including the following:
- In the United States, the Individual Income Tax Return (Form 1040) is
- Form 1040-SR: Senior Citizen’s Tax Return (United States).
- Nonresident Alien Income Tax Return (United States) Form 1040-NR
- Form 1040-PR: Self-Employment Tax Return for Puerto Rico (also known as Form 1040-PR).
- Self-Employment Tax Return: United States Self-Employment Tax Return
In order to complete 4868 Form, I’ll need to provide the following information:
4868 Form is merely a half-page in length. It is not even necessary to provide a date or signature. You are not required to provide a justification for your request for an extension. All that is required of you is the following:
- In Part I, you must include your name, address, Social Security number, and, if applicable, the Social Security number of your spouse.
- A good faith estimate of your final taxes after deducting the total amount of tax payments you have already made for the year in Part II.
- If you anticipate that you may owe taxes, you must provide payment with the form.
Is Form 4868 Going To Give Me A Longer Grace Period To Pay My Taxes?
No, your payment is still due on the original due date, which is typically April 1st of each year.
If you file 4868 Form with the Internal Revenue Service, you should include a payment for the anticipated sum owed. If you pay more than you owe, your interest and penalties will be lower, and vice versa, if you pay less than you owe. 1. In the event that you file 4868 Form online but want to make a payment by mail, include a copy of the electronic-filed form with your payment. It is the form that serves as your voucher in this instance, ensuring that your check is appropriately deposited into your tax account.
If you pay your estimated income tax due online or by phone using Direct Pay, EFTPS, or a credit or debit card and specify that the payment is for an extension, the IRS will enable you to do so without filling out 4868 Form altogether. If you choose to go this way, it will offer confirmation of the extension request.