Happy Columbus Day! It’s a holiday for many across the country. I can think of a bunch of fun ways to spend a day off.
However, if you’re one of those taxpayers who filed an extension waaaay back in April to get a little extra time to file your federal income tax return, you might want to spend the day getting your receipts together. The filing deadline for individuals on a regular extension is Thursday, October 15.
Remember that an extension to file is not the same as an extension to pay. If you owe taxes, you will likely owe a few extra dollars in interest (lucky for you, interest rates are fairly low).
Taxpayer asks:
I haven’t done my taxes in 3 years, I don’t owe the Feds any$, will I get the stimulus funds every1 else got once I do my taxes? (via twitter)
Taxgirl says:
By law, the IRS is not able to make any economic stimulus payments after December 31, 2008.
But all is not lost. Assuming that you qualify, you may be eligible to claim the Recovery Rebate Credit (for those who missed the credit or had a change in status) in 2009 by filing a 2008 income tax return. This also assumes that you properly filed for extension – individual taxpayer returns were due on April 15, 2009. With an extension, that pushes out the date to October 15, 2009 – just 17 days away. So if you qualify, get moving.
Before you get too excited, though, I should point out that your statement that you “don’t owe” does give me pause. There are income and tax liability limits; for a refresher on who qualifies for the RRC, check out this prior post.
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.
Have a question? Ask the taxgirl! – Now on Facebook at http://www.facebook.com/taxgirl
Taxpayer asks:
I filed an extension, but erroneously provided zero as an answer to all Part II Individual Income Tax questions 4-7. Can I amend the financial information provided on Form 4868 after it has been submitted? Thank you.
Taxgirl says:
The reason that the IRS asks you to complete the financial portion on the form 4868 is to assist you in determining whether you need to make a payment with your extension request. It’s not the same as your tax return – the IRS understands that these are estimates.
All of that said, you want to be as accurate as possible because an extension is an extension of the time to file and not the time to pay. Failure to make a timely payment can result in interest and penalties.
If you’ve realized that you’ll owe, there’s no need to amend the form 4868. There’s no real benefit to amending the form (and quite frankly, I’m not even sure how you would since I’ve never had a client that did so). You have a few choices:
1, Make a payment now. The IRS is more than happy to get your money. If you think you’ll owe and you want to reduce the penalties and interest, you can always send a payment in now.
2, File now and make payment with your return. There’s no need to wait until October if you’re ready to file and pay now.
3, File and pay later. Yes, you’ll owe taxes plus (possibly) interest and penalty. But it’s not the end of the world. The important part is to make sure that your return is correct and that you’ve paid.
Like any good lawyer, I need to add a disclaimer: Unfortunately, it is impossible to give comprehensive tax advice over the internet, no matter how well researched or written. Before relying on any information given on this site, contact a tax professional to discuss your particular situation.
Have a question? Ask the taxgirl! – Now on Facebook!
