IRS Advises Taxpayers Unable to File by April 15 to Seek Extension
Certain taxpayers, including those residing in disaster-stricken areas or military personnel stationed overseas, have already received extended due dates for their tax filings.
The Internal Revenue Service (IRS) advises individuals who cannot submit their 2024 tax returns by the upcoming deadline next week to consider applying for an extension.
Those who find themselves unable to meet the deadline can submit a request for a filing extension, the agency noted.
“Individual tax filers, irrespective of income level, can electronically submit an automatic tax-filing extension via IRS Free File using Form 4868. … You can also make an electronic payment using Direct Pay, debit card, credit card, or digital wallet, indicating that the payment is for the extension.”
Alternatively, this form can be mailed to the IRS. All requests need to be submitted by the April 15 deadline.
Even if a request for an extension is approved, the IRS warns that it does not grant taxpayers the ability to delay payment of their taxes without incurring penalties.
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If taxes owed by April 15 are not paid promptly, interest will begin to accrue at a rate of 7 percent per annum, compounded daily.
“Special regulations regarding tax deadlines and automatic tax-filing extensions may apply to taxpayers in combat zones or designated hazardous duty areas, those residing outside the U.S., and individuals in specific disaster-affected regions. These individuals may not need to file a tax-filing extension; however, it is essential for them to verify their eligibility prior to the tax deadline,” the IRS remarked.
This two-month extension grants these taxpayers until June 16 this year to file, considering any holidays.
To qualify for this extension, the taxpayer must either be a U.S. citizen or a legal resident. On the regular tax filing due date, they must either be “living outside the United States and Puerto Rico and their primary place of employment or post is located outside the United States and Puerto Rico,” or they must be “in military or naval service on duty outside the United States and Puerto Rico,” as stated by the IRS. “Eligible taxpayers should attach a statement to their return explaining which of these two situations applies.”
This extension applies to residents in Alabama, Georgia, Florida, South Carolina, North Carolina, the City and Borough of Juneau in Alaska, Chaves County in New Mexico, and various counties in Tennessee and Virginia.
Filing and Payment
The IRS encourages taxpayers to utilize one of several electronic filing options to ensure their returns are submitted on time.
“Filing electronically reduces errors on tax returns since tax software handles calculations, identifies common mistakes, and prompts taxpayers for missing details. Most taxpayers are eligible to file electronically for free and, if they opt for direct deposit, typically receive their refunds within 21 days,” the agency explained.
IRS Direct File is a complimentary online filing service available for qualifying taxpayers in 25 states. Another option is IRS Free File, which is limited to individuals with an adjusted gross income of $84,000 or less.
The agency also provides both short-term and long-term payment plans for those unable to pay their tax liabilities in full.
The agency has issued over $179 billion in tax refunds this year, a 5.9 percent increase from the previous year, with the average refund amount being $3,221, compared to last year’s average of $3,081.
