4868 IRS Tax Form 4868 Form IRS Extension Instructions and what is it?
Before the tax deadline, some taxpayers want a little more time to finish filing their income tax return (Form 1040). However, an automatic deadline extension can be requested using Form 4868 if additional time is anticipated to be required this year.
Specifically, this article will discuss the requirements, filing process, and deadline for IRS Form 4868, which is an extension request form.
What does IRS Tax Form 4868 indicate?
Complete Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,” to request a six-month extension on Form 1040.
The deadline for submitting your return is automatically extended with a completed form 4868, but the time you must pay your federal income tax remains the same. Further, the standard tax due date is still applicable.
- The following must be done to file 4868 correctly:
- You can use the information you have right now to estimate your tax liability for 2023.
- On line 4 of Form 4868, you should record your total anticipated tax liability.
- That tax bill is due on the regular due date.
You may be subject to a late payment penalty and interest if you pay after the due date. (No matter whether Form 4868 is filled out.)
Who would like to submit 4868 Form IRS?
IRS Form 4868 Extension Filing Instructions
Following is an example of IRS Form 4868 filing instructions, an easy one-page form:
There are two sections to it:
In Part I, you will be asked for your name, address, social security number, and your spouse’s social security number. Therefore, instead of an SSN, foreign and resident aliens can use an individual tax identification number (ITIN). While you’re waiting for your ITIN, you can write “ITIN requested” where an SSN is needed.
In Part II, you’ll figure out how much tax you owe and how much you can pay in 2021.
Markedly, fill out Line 4 with your anticipated total tax liability for the following forms:
- Form 1040 or 1040-SR, line 16
- Form 1040-NR, line 61
- Form 1040-NR-EZ, line 17
- Form 1040-PR, line 6
- Form 1040-SS, line 6
Line 5 is where you should record all of your tax payments for the 2022 tax year. Line 6 shows your overall tax liability after subtracting Line 4 from Line 5. Moreover, make a note of the total on Line 7.
(Keep in mind that interest charges and a late filing penalty may occur if your taxes are not paid by the regular deadline.)
If you are a U.S. citizen and are not in the country when you file your taxes, mark the box on Line 8. Further, if you were an employee who was required to have U.S. income taxes withheld from your paycheck but was not, mark the box on Line 9.
Which date is 4868 due?
On April 15, 2024—the exact date you would have customarily filed your income tax return—you must submit Form 4868.
Where should I submit form 4868?
Printed Form 4868 with a check or money order for tax payment can be sent to one of the IRS’s postal addresses.
(Importantly, the address you send to will ultimately depend on where you conduct business and whether or not you want to include a payment.)
Is 4868 able to be filed electronically?
Yes. If you have a computer or are working with a tax professional who uses e-file, you can e-file Form 4868 through the IRS e-file program.
Is it possible to pay 4868 using electronic means?
Yes. There are three options for paying the outstanding amount that you listed on Line 6:
Instantly through the IRS’s Direct Pay service, which is integrated into most bank accounts;
Through the use of EFTPS, the Electronic Federal Tax Payment System;
Over the phone using a debit or credit card
Visit www.irs.gov/Payments for further details on how to pay the IRS.
What can Credow do for you?
Tax preparation is tedious for everyone, but it could be better for business owners. With self-employment taxes, calculating tax credits and deductions, and unfamiliar forms to learn, it makes sense that you might require an extension to file your taxes.
However, Credow is an excellent option if you want a partner to assist you with all your taxes. Our firm offers reliable bookkeeping, tax filing, and advice services to clients across the United States. Therefore, find out all you need to know to be tax prepared, reduce your tax liability, and enhance the process for next year with limitless, on-demand tax consultations. Finally, find out more about the tax preparation and bookkeeping services offered by Credow.
This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post. Bench assumes no liability for actions taken in reliance upon the information contained herein.