If you need more time to file your 2013 income tax return, you can get an extension – an no explanation is necessary.
You may have a very good reason for wanting more time to file your 2013 individual income tax return. For instance, you might want to hold off funding a retirement plan such as a Keogh or SEP until you can save more money. Perhaps you are waiting for a K-1 from a trust, a partnership, or an S corporation. Or maybe you’ve just been busy.
If doesn’t matter. Whatever the cause or motivation, you can usually put off filing for up to six months beyond April 15th. That means you could have until October 15, 2014 to finalize your return – assuming you follow the rules.
Here’s what you need to do:
- Estimate your total tax liability for 2013, subtract what you’ve already paid in withholding or estimated payments and remit most or all of the balance, and
- File an extension request form (generally Form 4868 for an individual return) by April 15th.
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Remember, an extension of time to file your return is just that – an extension of time to file the paperwork. It is NOT an extension of time to pay the tax.
You can file the extension request form electronically, by phone, or by mailing it to the IRS. If you owe taxes, you can pay with an electronic funds transfer, your credit card, or a check.
Requesting an extension for your personal return also gives you additional time to file a gift tax return for 2013. The gift tax return extension is automatically included. You don’t even have to check a box. But if you owe gift tax (or generation skipping transfer tax), or are requesting an extension only for a gift tax return, you’ll need to use Form 8892.
One more quirk: If you live and work outside the United States, you may qualify for an automatic two-month extension of time to file without having to send in a form. However if you’re out of the country and expect to meet the requirements for foreign tax exclusions or deductions after April 15th, you might need to file Form 2350.
If you are unsure of whether you should file an extension, be sure to consult your tax professional.