How To File an Extension

Here's How:

1. Create a rough draft of your tax return. Get an idea of approximately how much you owe.
2. Download the Automatic Extension Form 4868 (PDF). Fill it out, and write a check for the approximate amount of money you owe.
3. Mail the extension form with your check. Make sure you mail it by April 15th.

Tips:

1. If you owe the IRS, you must pay your tax in full by April 15th. If you do not pay your tax in full, the IRS will calculate penalties and interest on your outstanding balance. The penalty for not filing is 5% per month up to a maximum penalty of 25% of the balance due. By contrast, the failure to pay penalty is 0.5% per month, plus a monthly interest charge. The bottom line? If you think you owe, file an extension!
2. Need an even easier way to file your extension and pay your taxes? Pay your tax using your credit card and file your Form 4868 all at the same time. There are two IRS-approved credit card services. One is Link2Gov which offers extension payments through Pay1040. The other IRS-approved payment service is Official Payments. Both companies charge a 2.49% convenience fee for using their service.
3. You can also file your extension using your tax preparation software. Get instructions for how to file an extension using TaxAct, TurboTax, and TaxCut.
4. You can no longer file an extension using the IRS TeleFile system. TeleFile was a telephone-based service used to file extensions and other tax-related forms. TeleFile was discontinued in 2005.
5. You no longer need to request a 2nd extension (old IRS Form 2688). This form was used to request an additional 2-month extension when the first extension provided only a 4-month extension of time. Now that Form 4868 provides an automatic 6-month extension, you will no longer need to submit Form 2688.

What You Need:

• Form 4868
• Rough draft of your tax return