Posted by Accurate Books And Tax

IRS Form 4868 Explained

IRS Form 4868 Explained

As the end of 2020 is upon us and with hopes of better & healthier days ahead, the inevitable comes with it, in terms of having to file our taxes by April 15th, 2021, but as so many Americans find themselves struggling to make that deadline, there is the possibility to extend that deadline and IRS Form 4868 is a formal request to the IRS to extend the deadline for filing a tax return. This is called the " Application for Automatic Extension of Time to File" and automatically gives you an additional six months to prepare and submit the return if you submit it according to the rules.

You can file Form 4868 online quickly and easily. 


Points to Note

  • IRS Form 4868 is " Application for Automatic Extension of Time to File." This gives you another six months to file your tax return with the IRS.

  • You can avoid having to complete Form 4868 by making an electronic payment to the Internal Revenue Service for some or all of what you think you owe. This will also give you an automatic extension of filing time.

  • The form itself is short, consisting of a few boxes and lines, but comes with four pages of instructions and useful information.


What is Form 4868?

Filling out Form 4868 with the IRS means that your taxes will be due on October 15, instead of April 15, the normal deadline. The form will ask you to estimate the amount of tax you think you owe and enter the total tax debt.


Who uses form 4868?

Form 4868 is for individuals, not corporations or other business entities that need to file returns other than Form 1040.

Some taxpayers receive an automatic extension without submitting the form. You will automatically be given an additional two months to request your return if you are a US citizen residing abroad. You can fill out Form 4868 for an additional extension if you need more time.

Some natural disaster victims and some soldiers serving in combat zones may also benefit from automatic extensions but rely on more complex rules. 

You can even get an extension without submitting this form if you pay for at least a portion of what you think you owe. The IRS says it will automatically process an extension to file your return when you electronically pay all or some of what you owe by IRS direct pay, the Federal Electronic Tax Payment System, or using a debit or credit card. 


Where to get Form 4868

You can obtain Form 4868 on the IRS website and interactively complete it online, print it, and mail it. 


How to complete Form 4868

IRS Form 4868 only has nine lines or boxes, and the form comes with instructions, so it's relatively straightforward to complete. Your identifying information is in boxes 1, 2, and 3: your spouse's name, address, social security number, and the social security number of your spouse if you are married and filing jointly.

Box 4 asks you to estimate the amount you think you owe the IRS when you file your tax return. Box 5 shows how much you have paid so far. Enter whatever you get from subtracting box 5 from box 4 into box 6. This is what you still owe. Tell the IRS in Box 7 the amount you want to pay when you submit the form.

Boxes 8 and 9 only apply if you are currently abroad or if you are completing Form 1040-NR or Form 1040-NR-EZ. The IRS wants you to confirm this information.


Can Form 4868 be filed electronically?

You can use the Free File website of the IRS to send your extension request electronically at no cost. The Free File offers fillable forms, an online application that allows you to fill out tax forms on the website.

You can use the Free File service to file your return when you are ready. The only downside is that you have to qualify to use it, and the criteria may vary depending on the tax software vendor you choose. Usually, your income cannot exceed $ 69,000, and other criteria may apply.

You must also be able to use tax software to request an extension. Most of the reputable tax software applications offer this feature on the first screen displayed upon login. You will probably find a link on the site if you are using a web application. These programs will electronically record Form 4868 for you.

By filling out the extension with the software you already use to prepare your tax return, all of your tax information will be kept in one place.


Where to send Form 4868

Form 4868 includes a dedicated mailing list page if you would prefer to send a copy of your extension request to the IRS. The address you use depends on your status and whether a payment is included.


Requirements for Form 4868

Submit the form to the IRS by April 15, the normal due date for the tax return. You don't have to give Uncle Sam a reason to request an extension. Please fill out the form and send it.

If your request is denied, the IRS will contact you. Aside from this, the only reason the IRS will contact you is if you miss the deadline. As the name suggests, the extension is "automatic" if it is submitted successfully.


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