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:
- 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.
- 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.
- 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.
Before you go: be sure to read my disclaimer. Remember, I’m a lawyer and we love disclaimers.
If you have a question, here’s how to Ask The Taxgirl.
Hello! Thank you for your post, so if I choose 1 to pay now and file 1040 later, what form do I need to send to IRS with my payment?
Hi. I just efiled for an extension with the wrong bank account. I owe taxes for 2014 and the estimated amount is to be paid on April 15. I used a TurboTax extension tool and the IRS “accepted”.
How can I reach the IRS to correct the bank account info?
If I can’t reach them by April 15, what kind of penalties can I expect once the scheduled payment fails?
Thanks.