What is an extended tax return?

• An extended tax return is a tax return filed after the regular due date, with the taxpayer having filed for an extension. This extension gives individuals and businesses additional time to prepare and submit their tax returns.

How do I file for an extension?

• To file for an extension, submit Form 4868 (for individuals) or Form 7004 (for businesses) by the original filing deadline. This grants an additional six months to file the return.

Does an extension give me more time to pay my taxes?

• No, an extension only gives you more time to file, not to pay. Any taxes owed are still due by the original filing deadline to avoid penalties and interest.

Will I incur penalties if I don’t file on time after submitting an extension?

• Yes, if you miss the extended deadline, you may face penalties for late filing. It's crucial to file by the extended due date to avoid additional fees.

Can I request another extension if I cannot file by the extended deadline?

• No, additional extensions are not available. The six-month extension is the maximum time allowed by the IRS.

What documents are needed to complete my extended return?

• You’ll need the same documents as a regular return, such as W-2s, 1099s, business income/expense records, and other tax-related documents.

How can I check the status of my extended return?

• Use the IRS's "Where’s My Refund?" tool on their website, or call the IRS helpline if you filed by mail.

Do I still get my refund if I file an extended return?

• Yes, if you’re owed a refund, it will be issued once your extended return is processed.

Is it better to file early or take the extension?

• If you need more time to gather information or ensure accuracy, an extension may be beneficial. However, filing early is generally better to avoid delays, especially if you’re expecting a refund.

Can I still contribute to my Traditional IRA if I file an extended return?

• No, IRA contributions must be made by the original filing deadline (April 15th), even if an extension is filed.

• Exceptions are made for SEP-IRA (Self-Employed).

What happens if I miss the extended deadline?

• Missing the extended deadline can result in a "failure to file" penalty, which is typically 5% of the unpaid taxes for each month the return is late, up to 25%.

Do extensions affect state tax returns?

• Many states automatically honor the federal extension, but some require a separate extension request. Check with your state’s tax authority for details.