view transcript

Tracy Byrnes. We've to talk about getting an extension because there's a lot of people that are thinking, oh my goodness, we're coming up on April. I'm toast. I'm going to extend. What do you think?

Lisa Greene-Lewis.  30:11 First thing I would say if you can file it by the deadline, just fire. A lot of people are under the misconception Mike, if they owe money they'll just file an extension. But it an extension to file an extension is only an extension of bio. It's not an extension to pay what you owe. So if you owe money, you want to try to pay what you can and then also you definitely want to pay on fire on time if you absolutely can. If you're missing something and you need to, you know, extend, definitely file that paperwork or an extension because you don't want to get a late penalty for filing,

Tracy Byrnes.: 30:59 which we'll go through the penalties but, but we should reiterate your point. You just file it. You have to file something by midnight. April 15th I always say Uncle Sam as much like a spoiled teenager, like they want what they want when they want it and they're not going to stop annoying you until they get it. So send him something by April 15th midnight, whether it's your return or whether it's an extension. At least get that in the mail or stamped he vialed whatever

Lisa Greene-Lewis .talks about you could be getting a refund, right? Imagine we talked about, so you want to just file so you can get your tax return.

Tracy Byrnes. Super pleasant surprise. That would be right. All right, so, but it is a six month extension if you get it. If you do go on extension, so you have all the way to October 15th but to your point, it does not mean you're off the hook.

Tax Day is right around the corner!

Americans need to have their federal tax return in the mail by the deadline (April 15 in 2019 for filing 2018 taxes). 

Life too busy?  Considering an extension?  Here's what you need to know.

Reasons to File an Extension

Lisa Greene-Lewis, TurboTax CPA, says "If you can file by the deadline, file.  A lot of people are under the misconception that if you owe money, they should just file an extension...if you owe money, you want to pay right away."

Consider an extension, if you need more time to collect documents, life events make filing just impossible, life itself is too busy.

Watch Thursday, April 11, 2019 at 1 p.m. FREE WEBINAR: TheStreet & TurboTax Tackle Last Minute Tax Tips for Retirees

Options for Filing an Extension

If you really can't file on time, here are some options according to TurboTax:

e-File your federal tax extension 

  • Make a payment of any tax due directly from your checking/savings
  • Print a PDF copy of e-filing
  • Receive IRS notification that your extension was accepted
  • Approval means you'll have until October 15, 2019 to file your return
File your completed IRS extension by mail
  • Refer to IRS Form 4868
  • Print and send to the IRS address for your state
Reminder, if you need to file a State tax extension, these guidelines vary. TurboTax suggests you check out this  state tax authority's website.