Procrastinating taxpayers may need more time to file, here's how
HOUSTON - On Tax Day, about 19 million taxpayers will request an extension to file their returns. That's as much as 15% of all filers.
For those who need more time, it's a simple process.
SUGGESTED: Houston IRS office closed early due to fighting, hundreds turned away
Start with Form 4868, in order to tell the IRS that your 1040 will not be ready on time. In the short-hand, it asks for more time in order to file taxes.
There can be a variety of reasons why more time is needed, from being out of the country to an ongoing search for documentation necessary to complete the return.
Either way, taxpayers are in luck, because the title of Form 4868 is 'Application for Automatic Extension of Time to File U.S. Individual Income Tax Return'. The operative word, there, is 'automatic'. If you ask, you'll get it.
There's not much to it. You need your name and address, your social-security number and your spouse's, if appropriate. Then, enter the income you expect to report, the total tax in withholdings and credits that you've already paid or are entitled to, and the estimate of what you still owe. That's it.
It should just take a few minutes to complete, assuming you haven't completely procrastinated on this.
Then the form needs to be filed. The easiest way is electronically. Both the IRS website and tax-preparation software, like TurboTax, have links to do that. The form can also be mailed. Whichever choice, it's got to be filed, or postmarked, by the 11:59 p.m. deadline on April 15.
Here's an important warning. The extension offers an extra six months to file paperwork, so it'll be due by October 15. It is an extension to pay. Uncle Sam wants his money. So, if you want to hold off on writing a check, you can, but there will be interest and penalties that add up until the tax liability is paid.