You had the best intentions of filing your 2022 taxes early, but maybe you weren’t able to locate the correct forms. Or perhaps there was an unexpected life event. Maybe you even realized that the information you needed to file your taxes was incorrect. Regardless, now you need to file a tax extension with the Internal Revenue Service (IRS). Here's how it works.
How do I file an extension?
Most people who need extra time to file their federal tax returns will be required to fill out and submit Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). This form and further instructions are available on the IRS' website. Now, keep in mind that while this solution will apply to most individual taxpayers, it doesn't apply to everyone. For this reason, visit IRS.gov to see if filing Form 4868 is the right choice for you.
The deadline to submit Form 4868 is the same as the deadline for filing your tax return. While this typically falls on April 15 of every year for most taxpayers, the deadline in 2023 is April 18. This is because the 15th falls on a weekend this year.
If your application for an extension is approved, a six-month extension will be granted. This means you'll have until October 16, 2023 to file your federal income tax return (IRS.gov).
What if I owe taxes?
The IRS makes it clear that a tax extension only extends the amount of time you have to file your federal income tax return. It is NOT an extension for paying any taxes you may owe (more information here). If you owe taxes and are unable to pay the full amount by your due date, reach out to the IRS to apply for a payment plan.
Failure to file your your tax return, submit a tax extension, or pay outstanding taxes by their respective deadlines may cause you to incur penalties.
If you need extra time to file your federal tax returns or to pay your taxes, there may be options available to you through the IRS. Since everyone's tax situation may differ from each other's, visit IRS.gov or contact them to see which solution is best for you.