Who can tell me what's involved in filing an extension for taxes?

[Upthevibe]

Is it a matter of just filling out an online form? I googled and it looks like that's what's involved but I'd love any input you guys may have...Thank you

[Xipe Totec]

1. If the IRS owes you a refund, you're okay

If you file an extension and then it turns out you owe them, they don't like that. They'll want their money with interests.

So do take that into account.

[OhioBlue]

2. yep. It is super easy - just a quick form for an extension.

But, as I think it might remind you when you file the extension, any taxes owed are still due by the 15th of April. Well... probably 16th since the 15th is on Sunday.

[csziggy]

9. This year it's the 17th the 16th is a holiday in (I think) Massachusetts

My taxes were e-filed today and I got the privilege of writing a big fact check. On the other hand, we got in a crazy rush today since we realized that my accountant never closed out our business. The change actually will get us a couple of nice refunds from 2015 & 2016. I am not sure if I am happy or upset about the situation.

[The Velveteen Ocelot]

3. That's about it, but if you owe money you have to pay it on time -

you don't get an extension for that.

[mr_lebowski]

7. The penalties for not paying if you owe them are quite low as long as you don't let long pass...

The penalty for non-payment APR is something like 1%, not a huge deal in most cases ... if you need the extra time, just take it, even if you think you may owe a bit.

They don't get pissed at you or anything, not for a REALLLLY long time if you just ignore them.

Put it this way, I didn't even file or ask for an extension in 2003 or 2004 OR 2005 ... and they THOUGHT I owed them money for all those years (cause they don't try to figure out anything for you like 'oh, he has 12K in mortgage interest deductions so he actually doesn't owe us anything') and they didn't file a court lien on my ass until 2007.

Once I finally submitted the returns in like 2014 (with them never actually having garnished my wages or anything that whole time ... though each year I made money and subbed my returns (2008-2013) and they showed that I should've gotten money back, they just kept it ... but they still had me as owing them as of 2014), and those showed I didn't ACTUALLY owe them for any of those 3 original years, they reversed the non-payment penalties and just docked me the 'failure to file' penalties (again, like 1% a year), and I got a bunch of $$$ back they'd kept 2008-2013. Probably like 70% of what they'd kept ... those failures to file penalties, even at 1%, compounded, for 9-11 years ... added up

[Hoyt]

10. Exactly, the penalty if you file in October, is quite reasonable if you dont have money

to pay or you just can’t file right now. The extension is easy.

[Snackshack]

4. All I did.

Was simply ask the person who does my taxes to get an extension (this morning). With in ten minutes he sent me back confirmation for 6 months (Oct 12) extension from IRS.

I am guessing you do your own taxes. There is a form as I think you may have seen (based on your post) on the IRS website that you can fill out.

[TheDebbieDee]

5. If you file for an extension and it turns out that you DO owe $

Don't let that deter you from filing your return. It's not against the law to owe the IRS $, it's only against the law to owe $ and make NO arrangements to pay up!

If it turns out you owe $, send what $ you can with the return - the IRS will contact you about the balance due (it should include interest and penalties from the April 16th due date) at which time you should ask for an installment agreement. The IRS installment agreement plan is kind of high in interest but if you don't have the cash to pay off the balance due, this is better than the IRS garnishing your wages or freezing your bank account, etc...

Stop worrying and Good Luck!

[Major Nikon]

6. That and filing an extension can also reduce some of the penalties

[marylandblue]

8. If you think you will owe, you send in a check for the estimated amount

Aim high so you get a refund when you file. If you go too low, you will pay a penalty. I did it last year, it was easy.

[jberryhill]

11. Why do you think you need one?

As others have pointed out, if it is a question of complexity, and you can pay an estimate of what you owe, then you can simply pay and request the extension.

If you genuinely can’t pay, and won’t be able to do so in October either, you might consider getting onto a payment plan. That will also make you a quarterly filer, but they will work with you to work out a plan.

I used to do my own, and screwed it up very badly. Some professional advice may be worth more than what you pay for it.

[Upthevibe]

12. You guys are great!

Thank you It's a little complicated regarding why I need to file an extension but I feel much better after reading everyone's feedback.

[jberryhill]

13. My best tax advice is this

See if you can plead guilty in exchange for incarceration at Allenwood Low.

Some of my best clients are incarcerated there.

[Upthevibe]

15. LOL! Thanks for the advice...n/t

[forgotmylogin]

14. I have been filing my taxes online with Turbotax...

and one of the last questions they ask is "do you need to file an extension?" I'm sure doing so is pretty easy and they would walk you through it - TT or any online tax preparation solution.