Filing a Tax Extension? What You Need to Know

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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

File your completed IRS extension by mail Reminder, if you need to file a State tax extension, these guidelines vary. TurboTax suggests you check out this  state tax authority's website.

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
  • Refer to IRS Form 4868
  • Print and send to the IRS address for your state

Watch: FREE WEBINAR: TheStreet and TurboTax on the Top Overlooked Tax Deductions

Watch: FREE WEBINAR. TheStreet and TurboTax on Navigating Tax Reform