Once you file Form 4868 electronically, you will receive an automatic extension of time to file your individual income tax return. IRS extension Form 4868 can be used to apply for an additional six months to file any of the following IRS Forms: 1040, 1040A, 1040-EZ, 1040NR,1040NR-EZ, 1040-PR, or 1040-SS. So what to do after you file Form 4868 electronically.
What To Do After You File Form 4868 Electronically?
If you use ExpressExtension to file tax extension Form 4868 online, you will receive a confirmation email within 48 hours of submitting. You will also be given the opportunity to pay any taxes due by the original IRS deadline.
State Income Tax Extension Requirements
After you file tax extension Form 4868, you will need to consider filing a tax extension for your state. State tax extensions vary from state to state, so it is important to check with the IRS before the original deadline.
If your state requires a separate tax extension application, you will need to contact your state’s tax authorities. Merely call the service number and ask the agent what form is required and when the form must be submitted.
Income Tax Payment Deadline
The automatic six-month tax extension allows you to file your income tax form after the original deadline. However, IRS extension Form 4868
will not extend the time to pay any taxes you may owe. This means if you do not pay your tax balance by April 17, 2018, income tax filing deadline you will be hit with penalties and interest.
If you are unable to pay the full amount, it is recommended to give as much as possible. Your penalties and interest amount will be based on the amount you owe and how long it is unpaid. Late payments are 0.5% of the outstanding tax balancer per month. However, this amount will be capped at 25% of the overdue tax.
File Tax Extension On Time
Typically, the deadline for filing your federal income taxes is April 15. However, April 15, 2018, falls on a Sunday, and some areas recognize Monday as a holiday. So the tax deadline for filing federal income taxes is Tuesday, April 17, 2018.
If your six-month IRS extension is approved, you will have until October 15, 2018, to file your required forms.
Reasons for Rejection: Tax Extension Form 2017
Even if you file before the deadline, some IRS extension requests may be rejected for the following reasons:
- Incorrect information
- Out-of-date information
- Information does not match address or name in IRS records
The IRS does provide a five-day window in which you can fix any issues or errors. ExpressExtension will allow you to refile at no additional cost.