All About Late Filing of Federal Taxes
All About Late Filing of Federal Taxes
The IRS allows for late filing of federal taxes provided the appropriate paperwork is filled out (there’s always paperwork!). This simple guide shows you how to go about it.
Forms for Late Filing of Federal Taxes
The form to apply for an automatic extension of the deadline for filing federal taxes is IRS form number 4868. It is a very simple form to fill out, consisting of just nine questions. The first three questions are merely personal details such as name, address and social security number. The last two are check boxes to mark off if you are a US citizen or resident living abroad or if you file form 1040NR or 1040NR-EZ, for nonresident aliens. The remaining four questions are: the estimate of the total tax liability for the year; the estimate of the total tax payments for the year; the balance remaining when you subtract the latter from the former and the amount you intend to pay. If you cannot afford to pay the entire balance, pay as much of it as you can. You can pay online using a credit card. If you choose to do this, you will get a confirmation number by e-mail, which you will also need to enter on the form.
Who Is Eligible for Late Filing of Federal Taxes?
To qualify for late filing of federal taxes, you need to be able to complete form 4868 accurately and submit it by the normal federal filing deadline. Generally, the IRS cannot extend the deadline for more than six months, but there are certain exceptions for Americans and their foreign spouses living abroad. In these cases, you can apply for an additional two months on top of the six month extension by writing a letter to the IRS Service Center in Austin, Texas explaining why you need these extra two months.
Penalties for Late Filing of Federal Taxes
Late filing of federal taxes can carry substantial penalties if you don’t get permission from the IRS first. The penalty for filing late is 5 percent of the tax shown on the form per month; and for paying late, a half percent per month, both up to a maximum of a quarter of the total tax owed. However, the IRS recognizes that some people are forced to pay late due to personal circumstances beyond their control. If this applies to you, call 1-800-TAX-FORM (1-800-829-3676) or look in the phone book for the address of your local Taxpayer Assistance Center, to talk to an IRS official in person.
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