Tax Return Extensions

Do I get an extension for paying my taxes when I get an extension for filing my tax return?

An extension of time to file a tax return is not an extension of time to pay. (This is a major misconception amount taxpayers that costs them dearly in penalties and interest.)

If I get a tax return filing extension, how do I know how much to pay the IRS now?

You must take an accurate estimate of your tax and send any necessary payment with your Form 4868.

What to do if I cannot pay the full amount of tax owed to the IRS?

If you find you cannot pay the full amount due with your Form 4868, you can still get the income tax return extension. However, you will owe interest on the unpaid amount. Unless you have reasonable cause,  you may also be charged a penalty for not paying your tax when it is due. Interest and penalties are assessed (charged) from the original date of the return, which, for most taxpayers, was April 15. You do not have to submit the Form 4868 if you pay by credit card. See Extension of Time to File Using a Credit Card in the instructions of Form 4868 for more detail.

When you do file your income tax return, enter any payment you made with the Form 4868 on line 69 of the Form 1040. Do not attach a copy of the Form 4868 to your tax return.