IRS Form 4868 is the Application for an Automatic Extension of Time to File US Individual Income Tax Returns. The Internal Revenue Service (IRS) issues this form to taxpayers who can not meet their filing deadline. Form 4868 does not extend the deadline for tax payment but only extends the time for filling out and submitting the paperwork.
Most times, people apply for the extension to avoid paying the late filing penalties of 5% of the amount due for each month. It could also be because the taxpayer is living or working outside the country or is a self-employed individual who may need additional time to set up and fund a simplified employee pension (SEP).
What is IRS Form 4868?
Form 4868 is one of the means of applying for an extension of time for filing a tax return. This form is usually sent through the postal service, which distinguishes it from other methods of extension.
The tax extension gives an additional six months for the individual to file a tax return with the IRS. This gives taxpayers extra time to prepare any missing documents and carefully complete their paperwork. The extension also helps them avoid late-filing penalties.
Instructions for Form 4868
The IRS Form 4868 generally states that US citizens will get an extended period of six months to file taxes after filing a Form 4868.
In addition, taxpayers do not have to give reasons for applying for this extension. The reason becomes necessary if your Form request is rejected. In this case, you will have to work with the IRS and give them a reason for your extension.
How to fill out Form 4868
There are two parts to this form; the Identification field and individual income tax.
Part 1: The identification field
This is where you will fill in your:
- Legal name if you are filing single. Fill in your name and that of your spouse if you are filing married.
- Current address, your city or town, your State and zip code
- Social Security Number, and your spouse’s Social Security Number if you are filing married.
Part II: Individual income tax
- Enter your total tax payment for the year you’re filing for.
- Enter the total year’s payments.
- Enter your balance due—that is, the total tax payment for the filing year –the total year’s payments.
- Enter the amount you’re paying.
- Check the box to indicate that you are “out of the country” and a US citizen or resident.
- Check the next box if you filed Form 1040-NR and didn’t receive wages as an employee subject to US income tax withholding.
Where to apply
Immediately after your form is ready, you can mail it to your state’s applicable IRS or Treasury Department. The Internal Revenue Service does not accept cash payments for paper extensions, so you can send the money order or check to the United States Treasury.
When sending the check, include your SSN, your phone number, and a note that lists what the check is for and the tax year.
