A Complete Guide to Understanding IRS Form 4868

Are you feeling overwhelmed in the height of tax season? Maybe youre struggling to get all your forms together, or maybe youre still waiting on some documents and forms to come in. The clock is ticking and the anxiety is rising.

We get it. The tax deadline is just around the corner. But did you know that you can use IRS Form 4868 and receive an extension to file your taxes?

Its a simple form that gives tax filers a 6-month extension, so you have more time to gather the necessary information and get your taxes filed.

Keep reading to learn everything you need to know about Form 4868.

Get to Know IRS Form 4868

IRS Form 4868 is a four-page form. However, the most important part of the form is the bottom of page 1. This is the part of the form youll fill out, detach, and send in to the IRS if youre filing your extension by mail.

However, you can also file IRS Form 4868 electronically.

The remainder of the form includes general instructions for e-filing, payment options, and how to complete the form.

The information youll need to provide when filing Form 4868 includes:

• Name
• Address
• Social Security Number
• Spouse SSN (if applicable)
• Estimate of total tax liability
• Any tax payments already made
• Amount youre paying at time of extension

Why Use Form 4868?

This IRS tax form was specifically designed to provide a solution for tax filers who need some extra time to file their taxes. When you submit this form, youre asking the IRS to give you an additional 6 months to file your tax return for that tax year.

Each year, the IRS sets a specific deadline for tax returns to be filed. This is generally April 15th every year. However, in 2023, the tax filing deadline is April 18th, 2023 due to a holiday and a weekend.

If you need an extension, youll want to file Form 4868 on or before April 18th, 2023. If the IRS accepts your request, you will have until October 16th, 2023 to complete and submit your tax return.

Please note that while you do get an extension of time to file your taxes, you will not get an extension of time to actually pay your taxes. This form extends the tax return submission deadline, but does not extend the deadline for tax payments due.

Why You Might Need Form 4868

Curious what may prompt someone to need Form 4868?

There are many scenarios that can create the need for an extension - from simply being busy to having complicated taxes and needing more time to prepare.

Sometimes, an extension is needed if the taxpayer is waiting for a Schedule K-1 (this form reports income distributions from trusts and estates and does not have the same strict deadline as a W-2).

However, you dont have to have a specific reason, other than needing more time to file your taxes.

When you file an extension, it saves you from paying a penalty for late filing.

Who is Eligible to File Form 4868

Most taxpayers are eligible to file an extension.

It primarily applies to categories of people that submit a 1040, but there are many different 1040 tax returns that apply.

The most common filers that may be eligible for a Form 4868 tax filing extension include:

• U.S. Individual Tax Return (1040)
• U.S. Senior Tax Return (1040-SR)

Generally speaking, a U.S. citizen or resident required to file a tax return can file a Form 4868. They simply must do so before the tax deadline.

How to File Form 4868

Filing an extension is easy. You can complete the form online, submit a paper form, or work directly with a professional tax service to help you submit the form. Keep in mind that you will need to be able to estimate your taxes due and submit a payment of any taxes due at the time of filing the extension.

You can make a payment when you submit Form 4868.

Get Help Submitting Form 4868 Today!

If youre getting antsy about getting your federal tax return filed on time, take a moment to consider filing an extension. At IRS Extension, we can help you file your extension quickly and easily. Well help you through the process from start to finish and take this burden off your shoulders.

Give yourself some breathing room and the extra time you need to get it done! Sign up for IRS Extension today.