- April 14, 2015
Many of us have been there, we think we are going to make the deadline for our taxes to be completed, signed, and sent off; and we reluctantly realize that we must file for an extension. For some of you, it may be your first time filing for an extension and you are barely getting the 4868 Tax Extension Form filled out properly. E-File Now
Your 4868 Tax Extension Form
Part I: Identification
· Line 1
On this line, enter your name(s) and address. If you and your husband, wife, or partner are planning on filing a joint tax return you must include both of your names in the order that they will appear on the joint tax return.
Also, take note of whether you would like notices regarding your tax extension to be mailed to you at another address other than your own address. Should you decide that you want all communications to be sent to an agent who is acting on your behalf you should include your agent’s name along with your own, and your agent’s address in this part (Part I).
In case of a marriage, divorce, or any other reasons where you have changed your name after you have filed your last return ensure that you report this to Social Security prior to filing out Form 4868; by doing this, you help prevent delays from taking place during the processing of your tax extension request.
Should your mailing address be changed after you have filed your last tax return, you will have to use Tax Form 8822 to inform the IRS of this change. You cannot just show a new address on Form 4868; it will not update your records.
· Lines 2 and 3
If you are planning to file a joint tax return, be sure to enter the Social Security Number that appears first on your tax return on Line 2. Then on Line 3, you want to enter the other Social Security Number that will be shown on your joint return.
For Individual Taxpayer Identification Numbers for Aliens:
Should you be a nonresident or resident alien and you do not have a Social Security Number and you are not eligible to receive one, you are required to apply for an ITIN. While an ITIN is not a requirement to file a Tax Form 4868, you are going to need one in order to file your income tax return. For more information on how you can apply for an ITIN, you can see the IRS Tax Form W-7 and read more about this from its instructions. Take note that it will take at least 8-10 weeks for the IRS to inform you of your ITIN and what it is. In the event, that you already have an ITIN, be sure to enter it on the tax form wherever your Social Security Number is asked for. If you have currently applied for an ITIN with Form W-7, be sure to write ‘ITIN to be Requested’ on your tax form wherever your Social Security Number is asked for.
Part II: Individual Income Tax
You must keep in mind that you can round off to the cent or whole dollar amounts on Form 4868. However, you must note that you if you do round off to whole dollar amounts; you are required to round all amounts on this form. To round or drop amounts under 50 cents or to increase amounts from 50 to 99 cents to the next dollar.
· Line 4 ― Estimate of Total Tax Liability
Here you want to enter the total income tax liability that you are expecting to report on your tax returns. This amount will appear on one of the forms below. They are:
– Form 1040
– Form 1040A
– Form 1040EZ
– Form 1040NR
– Form 1040NR-EZ
– Form 1040-PR
– Form 1040-SS
Are you expecting this amount to be zero? If so, enter 0. Now you must keep in mind that you will want to make your estimate as close to being accurate as possible with the information you have. If the IRS, after reviewing everything, finds that your estimate is not reasonable, your tax extension can be subject to being null and void.
Line 5—Total Year-to-Date Payments
On this like be sure to enter on Line 5 the total payments that you are expecting to report on your income tax returns. This amount should appear on one of these forms.
– Form 1040
– Form 1040A
– Form 1040EZ
– Form 1040NR
– Form 1040NR-EZ
– Form 1040-PR
– Form 1040-SS
· Line 6 ― Balance Due
You want to subtract Line 5 from Line 4 and enter your results here on Line 6. In the event, you find Line 5 is more than Line 4, enter -0-.
· Line 7 ― Amount Paying
You find you cannot pay the amount found on Line 6, you are still able to get an extension, but you must try to pay what you can to limit the amount of interest owed. Be aware, a late fee on the taxes that are not paid at the original due date of your returns will be charged.
· Line 8 ― Taxpayers Out of the Country
Are you out of the country on the regular due date of your tax return? If so, check the box on Line 8.
· Line 9 ― Taxpayers Who File 1040NR or 1040NR-EZ
Did you not receive wages that are subject to withholding tax and your return is to be filed by June 15, 2015? If so, check the box on Line 9.
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