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CathyB
Member since 5/05 19403 total posts
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Has anyone filed for an extension on their taxes?
How does this work? We just found out that we most likely won't have tax information from one of our investments by the deadline. Thanks.
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Posted 1/31/06 10:48 AM |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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Re: Has anyone filed for an extension on their taxes?
I did once, in '97, I think. My accountant told me which forms I needed, and I got them from a big binder in my local libary. It was very easy. I am sure now that you can get any forms from the 'net. Your tax person can tell you specifically which ones you need, then I think you have till September or so to file.
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Posted 1/31/06 10:53 AM |
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BriBri2u
L'amore vince sempre
Member since 5/05 9320 total posts
Name: Mrs. B
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Re: Has anyone filed for an extension on their taxes?
You would file the extension form by the 15th of April and it gives you until the 15th of August to file your original return. If you need additional time come August you can file another extension - which would give you until the 15th of October
IRS Form # 4868 NYS Form # IT-372
Message edited 1/31/2006 10:55:25 AM.
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Posted 1/31/06 10:54 AM |
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CathyB
Member since 5/05 19403 total posts
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Re: Has anyone filed for an extension on their taxes?
Thanks! We didn't know how complicated it would be.
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Posted 1/31/06 10:54 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
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Re: Has anyone filed for an extension on their taxes?
You only need to file an extension if you own money to the IRS because you have to pay it up front. If you believe you will be getting money back, you really don't have to file an extenstion.
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Posted 1/31/06 11:04 AM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
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Re: Has anyone filed for an extension on their taxes?
The last 2 years we filed extensions because we were living overseas and our taxes took longer to prepare. Just know that if you owe money, even if you have an extension it is still due April 15th otherwise you must pay interest. So annoying
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Posted 1/31/06 11:05 AM |
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Re: Has anyone filed for an extension on their taxes?
Posted by shamrock12472
You only need to file an extension if you own money to the IRS because you have to pay it up front. If you believe you will be getting money back, you really don't have to file an extenstion.
I didn't know this! But I do recall that the IRS expected you to estimate the amount you thought you'd owe, and send it. I didn't do this because I knew I would get a refund.
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Posted 1/31/06 11:05 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Has anyone filed for an extension on their taxes?
Posted by MrsProfessor
Posted by shamrock12472
You only need to file an extension if you own money to the IRS because you have to pay it up front. If you believe you will be getting money back, you really don't have to file an extenstion.
I didn't know this! But I do recall that the IRS expected you to estimate the amount you thought you'd owe, and send it. I didn't do this because I knew I would get a refund.
Yup- The IRS is in no hurry to send YOU money so they don't require you file an extension. You have up to 3 years to file too. It's completely different if you owe money though - because then you do have to file an extension and pay your estimated tax.
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Posted 1/31/06 11:07 AM |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: Has anyone filed for an extension on their taxes?
I did last yr and they gave me until August.
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Posted 1/31/06 11:09 AM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
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Re: Has anyone filed for an extension on their taxes?
You still need to file an extension even if you are expecting a refund otherwise you will get slapped with late filing penalties & interest.
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Posted 1/31/06 11:19 AM |
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CookiePuss
Cake from Outer Space!
Member since 5/05 14021 total posts
Name:
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Re: Has anyone filed for an extension on their taxes?
Posted by Christine
You still need to file an extension even if you are expecting a refund otherwise you will get slapped with late filing penalties & interest.
Not when you get a refund - there isn't anything to penalize or to build interest on. I have a few clients that do this and they have yet to be charged anything when getting money back.
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Posted 1/31/06 11:39 AM |
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