IRS Personal Extension Tax Form 4868

Form 4868 is known as the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. When you complete the form, the IRS will automatically grant you a six-month tax extension (some businesses use this form to get extra time and only get a five-month extension).

Form 4868 doesn't give you more time to pay any taxes you owe - that balance was still due by April, and penalties and interest will begin adding to any outstanding balance after that date.

Key Takeaways

• IRS Form 4868 is a request for an automatic extension of time to file your tax return.
• The form is technically for individual or personal returns, but it'appropriate for pass-through small business entities such as sole proprietorships and partnerships.
• Submitting Form 4868 gives you an additional six months to file your tax return, but any taxes you owe are still due by April 15.

Important filing season dates

• Monday, April 15 - Due date for filing 2023 tax returns or requesting extension of time to file.
• Monday, April 15 - Due date for paying 2023 tax owed to avoid owing interest and penalties.
• Tuesday, October 15 - Due date to file for those requesting an extension on their 2023 tax returns.

Business tax on the personal return.

Business owners who pay business taxes as part of their personal tax returns are called pass-through businesses. These businesses use Form 4868 to apply for an extension.

This typically includes:

• Sole proprietors and single-member limited liability companies (SMLLC) filing their business tax on Schedule C as part of their tax return.
• Partners in partnerships and S corporation owners filing a Schedule K-1 for their share of business tax liability as part of their tax return.
• Owners of corporations receive dividend income as shareholders. Dividends are taxed on their personal tax returns. Corporation or S corporation owners may work as employees, and this income is taxed on their personal returns.

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IRS Personal Extension Tax Form 2350

The taxpayers residing abroad or out of the country file this Form 2350 Application for Extension of Time to File U.S. Income Tax Return to ask for an extension of time to file their tax return only if they expect to file Form 2555 or 2555-EZ and need the time to meet either the bona fide residence test or the physical presence test to qualify for the foreign earned income exclusion and/or the foreign housing exclusion or deduction.

Key Takeaways

• Individuals who are living outside the U.S. and Puerto Rico at the time their tax return is due can qualify for an automatic 2-month extension, moving their filing deadline to June 17. To request an additional 4-month tax extension, Form 4868 must be filed by June 17, which will extend the deadline to October 15.
• Individuals who require additional time though specifically to qualify for the Foreign Earned Income Exclusion can obtain it by filing Form 2350.
• Form 2350 must be filed before the normal filing deadline, and the requested extension is discretionary, which is to say that the IRS can approve or deny the request.
• If granted, the extended filing date is normally up to 30 days after the date you expect to be able to meet the requirements to claim the Foreign Earned Income Exclusion.

Taxpayers may request for extension of time in Order to Qualify for the Foreign Earned Income Exclusion, expected to meet either the bona fide residence test or the physical presence test, but not until after your tax return is due, and the tax home is in a foreign country (or countries) throughout the period of bona fide residence or physical presence, whichever applies.

Important filing season dates

• Monday, April 15 - Due date for filing 2023 tax returns or requesting extension of time to file.
• Monday, April 15 - Due date for paying 2023 tax owed to avoid owing interest and penalties.
• Monday, June 17 - Due date for claiming extension of time when living outside U.S.
• Tuesday, October 17 - Due date to file for those requesting an extension on their 2023 tax returns.