IRS Extension 2024

The tax deadline for most taxpayers in 2024 is April 15th. However, if you haven’t finished gathering your documents or need more time to file your return, you can get a six-month extension from the IRS, moving the deadline to October 15th, 2024.

The deadline for most taxpayers to file their personal federal tax return, pay any tax owed, or request an extension is set for Monday, April 15, 2024.

Taxpayers impacted by severe storms and flooding in various areas have been granted extensions to file their federal tax returns, with deadlines extended to June 17, 2024.

A tax extension is a formal request to the IRS for more time to file your federal income tax return. Granting an extension gives you an additional six months, moving your filing deadline from April 15th to October 15th, 2024.

Eligible for IRS Extension 2024

The IRS offers a wide range of eligibility for filing an extension, allowing many individuals to do so. The list of taxpayers who can apply for an extension:

Individual Taxpayers: Anyone who files an individual income tax return, regardless of income level, can request an extension.
No Reason Required: The IRS doesn’t require justification for needing more time to file. Whether it’s missing documents, seeking professional help, or organising finances, an extension is available.
Military on Active Duty: Military personnel serving abroad or in combat zones may qualify for automatic extensions.

People Missing Tax Documents: If you’re still waiting for tax forms like W-2s or 1099s from employers or financial institutions, an extension allows you to file on time without missing documents.
Those Needing Professional Help: If your tax professional hasn’t finished your return by the deadline, getting an extension allows more time to collaborate and ensure an accurate filing.
Taxpayers with Complex Filings: People with complex taxes may need extra time to gather and organise their info for an accurate return.

How to File for an IRS Extension 2024?

There are two main methods to file for an IRS tax extension electronically or by mail using a paper form.

Electronically:

Choose Your Platform: You can file electronically through two main options: IRS Free File or tax preparation software that offers e-filing extensions.
- IRS Free File: This free program allows taxpayers with adjusted gross income (AGI) below a certain threshold to file their extension electronically.
- Follow the Prompts: Once you’ve chosen your platform, navigate to the extension filing section and follow the on-screen prompts. You will typically need to enter basic information.
Submit and Save Confirmation: After completing the information, electronically submit your extension request. The platform should provide you with a confirmation number or receipt for your records.

By Mail (Paper Form):

Download Form 4868: Head to the IRS website and download a copy of Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return [IRS Form 4868].
Complete the Form: Carefully fill out the form following the instructions provided. You’ll need to enter your personal information, filing status, and estimate your total tax liability for the year.
Mail the Form: Ensure you mail the completed Form 4868 with any included payment voucher to the designated mailing address listed on the form well before the April 15th deadline.

Consequences of missing the IRS Extension Deadline in 2024

Missing the IRS extension deadline in 2024 (October 15th) can lead to a couple of potential penalties that can significantly impact your tax situation:

Failure-to-File Penalty:

This penalty applies specifically to late filing of your tax return, not the extension request.
The IRS calculates the penalty based on a percentage of your unpaid taxes for each month (or partial month) your return is late.
The penalty starts at 5% of your unpaid taxes for each month and can go up to a maximum of 25%.

Failure-to-Pay Penalty:

This penalty is separate from the failure-to-file penalty and applies if you owe taxes and don’t pay them by the original deadline (April 15th, 2024) even if you filed an extension.
The failure-to-pay penalty is generally assessed at a rate of 0.5% of your unpaid taxes for each month (or partial month) they remain unpaid.

Interest on Unpaid Taxes:

On top of penalties, you’ll also be charged interest on any unpaid taxes from the original due date (April 15th) until the day you make the full payment.
The interest rate is adjusted quarterly by the IRS and is currently set at 4% (as of 2024).
The IRS may abate or reduce penalties in certain situations, such as military service or natural disasters.

IRS Extension 2024 – Eligibility and Complete Filing Procedure!