How To Get a Last-Minute Tax Extension

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With taxes due next week, you might be starting to feel the pressure to get your tax return done ASAP. But don’t panic — you can file for an extension by April 15 and get an extra six months to complete your tax return. But the actual process of filing an extension for taxes can be confusing. Here’s how to get a last-minute tax extension and correctly submit your IRS tax extension request.

Check Out: What To Do If You Owe Back Taxes to the IRS

How Do I File a Tax Extension?

There are several ways to file a tax extension, including online forms, tax software or by mail. To file a tax extension, the official process includes submitting IRS Form 4868 along with any estimated taxes owed. 

Whether you choose to file online or by mail, your tax extension must be submitted by Tax Day, which is April 15. This will extend your time to file for six months, with a due date of Oct. 15.

How To File a Tax Extension Online

The process for filing an extension is straightforward and usually built into most tax software or online tax filing services. Here are the steps:

1. Using your online tax software, or the Free File program offered by the IRS, obtain and fill out IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
2. Submit your completed tax extension form electronically to the IRS.
3. Provided you meet the qualifying criteria, you’ll be automatically granted a six-month extension to file your 2023 tax return. The new due date will be Oct. 15.

How To File a Tax Extension by Mail

The process for filing a tax extension by mail is the same as filing online, except you’ll need to submit a hard copy of the required form. Here’s how:

1. Obtain and fill out IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
2. Mail your completed tax extension form to the IRS using the correct address for your location; you can find it on page 4 of Form 4868.
3. Once you’ve filed your completed tax extension form, you’ll automatically get the six-month extension to file your 2023 tax return, provided you meet the qualifying criteria. The new due date will be Oct. 15.

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It’s possible to get the automatic extension for an individual tax return without filing the IRS 4868 tax form. To do this, pay all or part of your estimated income taxes that are due. You must provide relevant tax information and indicate that the payment is for a tax filing extension using one of the IRS-approved methods of payment. You’ll then receive a confirmation number for your records.

Filing a Tax Extension When You Owe Taxes

Just because the IRS lets you delay filing your taxes for six months does not mean that you can delay paying the taxes you owe. If you owe taxes this year, you’ll need to send in an estimated payment to the IRS along with your tax extension. 

If you file for an extension and do not send in a payment, the IRS will consider your tax payments late, and there are severe penalties that may be assessed — up to 25% of the total amount you owe.

On IRS Form 4868, there’s a section to input your estimated tax liability, total taxes paid and the remaining tax balance. You need to pay at least 90% of the remaining tax balance when filing for an extension to avoid late payment penalties. You’ll also need to attach a letter explaining your underpayment to the IRS.

You’ll need to pay the remaining owed balance upon filing your return, including accumulated interest.

Filing a Tax Extension When You Expect a Refund

If you expect a refund on your tax return, there are no payment requirements when filing for an extension. You simply need to submit Form 4868 to the IRS, and you’ll automatically qualify for a six-month extension.

You will need to fill out the form completely and show your estimated tax liability, taxes paid and estimated balance. The remaining balance will end up being a negative number, showing you expect a tax refund for the year.

Filing for a State Tax Deadline Extension

If you need more time to file state taxes, note that getting a federal tax extension doesn’t mean that the deadline to submit your state taxes is also necessarily extended automatically. The process and requirements for filing a state tax extension vary. You should contact your local state tax authority to get instructions and details. You might need to fill out a state-specific form as well as submit payment by your state’s deadline if you owe taxes.

A small number of states don’t have a state income tax on earned income, so you don’t have to worry about filing any tax forms at all. Some states, such as California, grant automatic six-month extensions, with no forms required, as long as you have no taxes due or are due to receive a refund. And other states have separate extension due dates than the normal tax filing deadline.

Research your state’s specific tax extension rules and requirements to effectively request a tax extension.

Automatic Tax Extension: How To Know If You Qualify

Most taxpayers can qualify for the automatic income tax filing extension from the IRS if they can’t file their tax returns by the due date. The automatic income tax extension allows you six more months to submit your federal tax forms.

Six months is generally the longest amount of time allowed for an extension for filing taxes, though certain exemptions exist.

Special Tax Extensions

Some tax filers will qualify for an automatic two-month extension to file their federal tax return and pay income tax. To qualify, you must:

• Be a U.S. citizen or resident alien living outside the U.S. and Puerto Rico
• Be on active military duty outside the U.S. and Puerto Rico

Who Doesn’t Qualify for Tax Extensions

Some taxpayers won’t qualify to file extensions of any kind. People who are under court order to pay by the regular due date won’t be granted more time to pay or file their taxes. Also, if you want the IRS to figure the taxes you owe or that will be refunded, you won’t qualify for the extension.

Is There a Penalty for Filing a Tax Extension?

Filing a tax extension keeps you in good standing with the IRS because it will then have notice that you’ll be filing your complete paperwork at a later date. But a tax extension doesn’t grant you more time to pay what taxes you owe beyond the tax due date. Consider the following penalties if you’re going to pay late:

• The penalty for paying late is 0.5% of the unpaid taxes for every month that the outstanding tax is not paid.
• The maximum penalty for paying late is 25% of the total.
• If you fail to file by your extension due date, the penalty is 5% of unpaid taxes each month, up to 25% of the total.
• If you file your return over 60 days late, the minimum penalty is $485 or 100% of the balance due if the balance is less than $485; otherwise, the penalty can rise to as much as 5% of the unpaid tax every month, up to a maximum of 25%.

More on Taxes

• The Best Tax Deductions and Tax Breaks
• IRS Tax Brackets: Federal Tax Rates and Tax Brackets
• FICA Tax Rate: Everything You Need To Know
• Capital Gains Tax Rates

Andrew Lisa, John Csiszar and Gabrielle Olya contributed to the reporting for this article.

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