6 Important Things Individuals Must Know About Form 4868
Held up with other stuff and forgot to prepare your 1040 tax return? Looking for an extension of time to file your tax return to avoid a penalty, then you are at the right place. This article provides information to individuals on how to get an extension of time to file a tax return through form 4868.
Purpose of Form 4868
The IRS Form 4868 is the IRS tax extension form created especially for 1040 individual income tax returns. This includes the following forms:
Form 1040
Form 1040A
Form 1040-EZ
Form 1040NR-EZ
Form 1040-PR
Form 1040-SS
By filing the tax form 4868, you can get an automatic extension of time upto 6 months to file your 1040 tax return.
Remember: You must file your extension request before the regular due date of your return. The IRS doesn’t require any explanation or justification from you while seeking additional time to file your tax return.
When to file
You must File Form 4868 ( Personal Tax Extension) by April 15, 2021 (regular due date) of the fiscal year return.
In case you are out of the country on the regular due date of your return and a U.S. citizen or resident, you’re allowed to get two more months (June 15, 2021) to file your return and pay any amount due without requesting an extension. However, interest will still be applicable on payments made after the regular due date, without regard to the extension.
While filing this form as a U.S. citizen or out of the country, make sure to check the box on line 8 if you need an additional four months (October 15, 2021) to file your return.
Information required to file Form 4868
IRS Form 4868 has two parts. Here is the information you need to have handy to provide in each section of the form to request an extension.
Part I
Your basic details, such as legal name, Address, & SSN. If you are planning to file a joint return? You will then need your spouse’s legal name, SSN as well.
Mention the tax return you are expecting to extend—for example, Form 1040 or Form 1040-PR.
Part II
Your estimated tax payment (you can round up to the whole dollar). To round, drop amounts under 50 cents and increase the amount from 50 to 99 cents to the next dollar. For example, $1.39 becomes $1 and $2.50 becomes $3.
Total tax liability for the 2020 tax year.
Mention if you are making a tax payment with your extension.
Balance due, if any
Check the box if you are out of the country.
How to File 4868?
You can electronically file Form 4868 to the IRS by using the tax software or with the help of a tax professional who uses e-file.
You can paper file Form 4868 and enclose payment of your estimate of tax due (optional).
Do I need to pay taxes with Form 4868?
Although you are not required to pay the tax amount shown on line 6 of IRS Form 4868, you can still get the extension. But you should pay as much as you can before the regular due date to limit the amount of interest you’ll owe. You may also be charged penalties.
The late payment penalty is usually ½ of 1% of any tax (other than estimated tax), if not paid within a regular due date of your return, which is April 15, 2021, which can go up to 25%.
Choose ExpressExtension to file 4868 Electronically
Any individuals mandated to file personal income tax returns must file before the regular deadline. If you fail to file the Form 1040 would end up paying in potential penalties to the IRS up to 25% of your original tax payment.
They will charge you 5% of your payment every month if you fail to file your tax return, even if you have a reasonable explanation for filing late.
The easiest way to avoid penalties is to file a personal tax extension and make your estimated tax payment. With ExpressExtension, we make it easy and secure for you to do both!
What if your Tax Form 4868 is rejected by the IRS? No worries, ExpressExtension won’t leave you alone. We will take care of providing you with an error code to indicate your filing error. Then we will allow you to retransmit your form at no extra charge.
So, what are you waiting for? Here is a last-minute solution for your personal income taxes! You can E-file your 4868 extension today with ExpressExtension!
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