Taxes 2020: What if you need more time beyond July 15 to file your taxes?
Everyone this year gets extra time to get their taxes done. Taxpayers have until July 15 to file their federal tax returns as the federal government and the rest of the country focuses on combating the coronavirus pandemic.
But it’s possible that the extra three months isn’t enough and you may need even more time to file. If that’s the case, you can file for an extension — for any reason, including plain old procrastination.
Read more: Tax deadline postponed: Why you should still file as soon as you can
You’ll get an additional three months until Oct. 15 to get those tax forms in. You must file for the extension by the new tax day — July 15 — to avoid a late-filing or late-payment fee.
Here’s what else you need to know.
How to file for the extension
The process is simpler than finishing your actual returns. You can file an extension electronically for free using Free File from the major tax prep companies. These will also help you estimate your tax bill, if you have one, so you can make an accurate payment.
Read more: How to file taxes: The full breakdown
You can also go the old-fashioned way by printing out Form 4868 and sending it by mail to the IRS address for your state by July 15.
You can avoid filing a separate extension form by paying all or part of your estimated tax liability using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card and indicating the payment is for an extension. You’ll get a confirmation number for your records.
Will I still get my tax refund?
If you’re expecting to get a tax refund, you won't receive it until after you file your tax returns and the IRS processes that return.
You still have to pay the IRS
An extension only applies to when you need to file your tax returns. It doesn’t extend the time to pay what you owe to the federal government. Your tax bill is still due by July 15 this year, no matter if you got an extension.
That means you have to estimate what you owe. Generally, if you pay too little, you could be charged interest on what you didn’t pay by the deadline. If your payment is less than 90% of the tax due, you’ll face a penalty of 0.5% of the underpayment every month until you pay the balance.
Does this extend my state taxes, too?
No. Each state follows its own tax extension rules. Check with your state's tax authority website for more information on how to request an extension.
If you’re abroad
If you’re a U.S. citizen or resident alien and you live and work outside the U.S. and Puerto Rico, you automatically get until June 15 to file your taxes without needing to submit an extension request. This is also true for servicemen and women on duty outside the U.S. and Puerto Rico.
When you file your return, add a statement explaining why you qualified for the June 15 deadline. You can also file a Form 4868 to ask for an extension to Oct. 15. You must file this form by June 15.
Janna is an editor for Yahoo Money and Cashay. Follow her on Twitter @JannaHerron.
Read more:
How the extended tax deadline affects payments, retirement contributions, and more
Taxes 2020: How to pay your tax bill (and what to do if you can't)
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