The deadline to file your federal tax return for tax year 2021 is April 18, 2022:
If the deadline has passed and you did not request an extension, it is very important that you file your tax return as soon as possible. Filing with TurboTax is quick, easy, and guaranteed to get the highest refund you are entitled to.
Why request an extension
Filing an extension request automatically postpones the tax filing deadline and protects you from potential late filing penalties, which can accumulate at a rate of 5% of the amount owed on your return for each month you file late.
- For example, if you owe $ 2,500 and are three months late, the late filing penalty would be $ 375. ($ 2,500 x 0.05) x 3 = $ 375
- If you are late for more than 60 days, the minimum penalty is $ 100 or 100% of the tax due on the tax return, whichever is less.
- Requesting the extension eliminates the penalty.
TurboTax Easy Extension is a fast and easy way to submit your extension request, right from your computer.
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How long does the extension last?
If you file an extension request by April 18, 2022 (tax year 2021 deadline), extend your filing deadline until October 15, 2022 .
- An extension to file your taxes does not mean that you have more time to pay your taxes.
- If you expect to owe money, you must estimate the amount due and pay it with Form 4868. As long as you do that, the extension request will be automatically approved.
What if you didn't request an extension?
The consequences differ depending on whether you owe money to the IRS or whether the IRS owes you a refund.
If you are receiving a refund
This is one of the good little secrets about federal tax law. If you expect to receive a tax refund from the IRS - which happens to about three out of every four taxpayers each year - then there is no penalty for not filing your tax return on or before the deadline, even if you don't request an extension. However, the same may not be the case with your state taxes .
This is not to say that there are no good reasons to file your return on time. Even if you are expecting a refund, consider the following:
- You will not be able to receive your money back until you file your return, so you must send it as soon as you can so that you receive your money as soon as possible.
- The statute of limitations for the IRS to audit your tax return will not begin until you file it. So the earlier you file your return, the earlier the clock will start counting.
- Some tax elections must be made on or before the deadline, even if you expect a refund. This applies to a small percentage of taxpayers.
If you have a balance to pay:
If you haven't paid all the taxes you owe by the due date:
- You will probably end up owing a late payment penalty of 0.5% per month, or a fraction thereof, until you pay the tax.
- The maximum penalty for late payment is 25% of the amount owed.
- You will also likely owe interest on the amount you missed on or before the due date.
And if you didn't request an extension:
- You can also have a late payment penalty of 5% of the unpaid tax per month, plus interest.
- The maximum late payment penalty is 25% of the amount owed.
Does the IRS ever negotiate the amount owed?
Under certain circumstances, the IRS is authorized to resolve a tax liability by accepting less than full payment. An "offer in compromise" or an "offer in compromise" is an agreement between a taxpayer and the IRS that negotiates the taxpayer's tax debt. There are three circumstances under which the IRS is authorized to compromise:
- When there are doubts that the tax is correct
- When there are doubts that you can never pay all the taxes you owe
- When taxes are correct and you could pay them, but this would result in exceptional circumstances, financial hardship, or it would be unfair and unequal.
The Form 656 : The package offer in compromise must be completed to submit the offer in compromise to the IRS. Form 656 includes Form 433-A, Collection Information Statement for Employees and Self-Employed Workers, and Form 433-B, Collection Information Statement for Businesses.
You may need to complete Form 433 and be prepared to provide other documentation and explanations as requested.
There are several options available for accepted offer-in-compromise requests, such as a reduced payment total and scheduled monthly payments.
Failure to comply with an offer in compromise can result in the IRS filing a lawsuit against you, and the reinstatement of your total debt plus penalties and interest.
Can I get more time to pay my taxes?
An extension of time for paying taxes can be submitted to the IRS with Form 1127 : Request for Extension of Time for Payment of Taxes, but the legal requirements are strict:
- The IRS must receive Form 1127 on or before the deadline to file your taxes.
- You must provide a complete statement of all your assets and debts at the end of the previous month, and a detailed list of the money received and spent during the three months immediately prior to sending the request to extend the payment period.
- You must be able to demonstrate that paying the tax on the due date would result in undue hardship; a simple inconvenience is not enough to qualify as an adversity.
- You must show that paying the tax by the due date would result in substantial financial losses and that you do not have the cash, or that you cannot collect the money, by selling property or applying for a loan.
Once approved, extensions to pay are generally limited to six months. Also, the IRS requires some acceptable form of insurance before granting an extension of time to pay. What can include, bonds and mortgages among others depending on the circumstances of each person.
There are times when extensions are specially approved due to disasters declared by the federal government. You can get additional information on the IRS disaster relief page .
Do your taxes your way with TurboTax . Make them yourself, with the help of an expert, or have an expert make them for you from start to finish. Your taxes will be well done.
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