Video: What Are Tax Extensions?

Updated for Tax Year 2020


OVERVIEW

Tax extensions are available to anyone who needs extra time to file, but it does not apply to payment deadlines. Submit the proper forms before April 15th to get a filing extension with help from TurboTax in this video on annual tax filing.



 

Video transcript:

Hello, I’m Nick from TurboTax with some helpful information for taxpayers in need of a little extra time filing their tax return.

There may be a tax year when you can't just get that return finished by the April deadline. Luckily, the IRS offers automatic extensions of time to file all types of tax returns.

For most personal returns, the filing deadline for tax returns is April 15 of each year. However, by filling out form 4868 and mailing it to the IRS by April 15th, you can get extra time to file your tax return without incurring penalties.

It is important you don't confuse an extension of time to file with an extension of time to pay your taxes.

If you know that you'll owe tax, you should still send the payment to the IRS with your form 4868; otherwise, you may end up paying late payment penalties.

The IRS gives businesses, estates and trusts extra time to get their tax returns filed as well.

If you're responsible for filing a partnership, estate or trust tax return, a six-month tax extension is available if you submit form 7004 by the original due date of the return.

All other types of businesses such as a corporation are eligible for a five-month tax extension. Just like with your own tax return, this is not an extension of time to pay.

Interest and penalties will apply if you do not pay the taxes in full by the original filing deadline.

For more tips and information to help you get your taxes done smarter, visit TurboTax.com.

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