WASHINGTON — People who need more time to complete their
forms will find it easy to extend their filing deadline — they
don’t need an excuse or even a stamp. Automatic four-month
extensions are available by phone or by computer, as well as
through the paper Form 4868. The IRS expects to receive almost
9 million extension requests, which must be made by the normal
filing deadline.
An extension of time to file does not give more time to
pay any taxes owed. A person may choose to pay any projected
balance due when requesting an extension, and the payment
may be made electronically. Even without a payment, one can
still get the extension.
Whether requesting an extension electronically or on paper,
the taxpayer must estimate the total tax liability based
on the information available. If the IRS later finds this
estimate to be unreasonable, the extension will be null and
void. The taxpayer will still get credit for any payments
made with the extension request.
The IRS has a special toll-free phone
line for extensions — 1-888-796-1074 — for
those who filed a tax return for 2003. Callers may use Form
4868, Application for Automatic Extension of Time to File
U.S. Individual Income Tax Return, as a worksheet to prepare
for the call, figuring their 2004 tax and total payments
made. They get a confirmation number signifying that the
extension request has been accepted. They should put this
confirmation number on Form 4868 and keep it for their records.
They do not send the form to the IRS.
Taxpayers may also e-file an extension request using tax
preparation software on their own computer or by going to
a tax preparer. Those filing by computer get an acknowledgment
that the IRS has received their request.
Taxpayers asking for extensions by phone or computer can
choose to pay any expected balance due by authorizing an
automatic withdrawal from a checking or savings account.
They will need the appropriate bank routing and account numbers
for that account. They must also have the adjusted gross
income (AGI) from their 2003 tax return to verify their identity.
Taxpayers may also charge the taxes due for 2004, estimated
taxes for 2005, or installment agreement payments for 2000
or later, but such charges do not give an extension of time
to file.
Tax Extension Form And Explanation
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Lois Center-Shabazz is the founder
of MsFinancialSavvy.com and author of the 3-time award-winning
personal finance book, Let's Get Financial Savvy! ISBN #0971979502.
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