Filing your federal tax return on time is crucial to avoid penalties, interest, and potential complications with the IRS. However, many taxpayers are unaware of the exact due date for their returns or whether they are eligible to request an extension. In this blog post, we’ll explore the federal tax return due date, eligibility for extensions, how to request an extension, and important deadlines to keep in mind. Understanding these details will help ensure you meet your tax obligations without unnecessary stress.
When is the Due Date for Filing My Federal Tax Return?
For most taxpayers in the United States, the due date for filing your federal tax return is April 15 of the tax year following the year for which you are filing. However, if April 15 falls on a weekend or a holiday, the due date is typically pushed to the next business day. For example, if April 15 is a Saturday or Sunday, the deadline may be extended to Monday, April 17 or 18, depending on how the calendar falls.
For the 2024 tax year, the tax filing deadline is Monday, April 15, 2024.
Who Needs to File a Federal Tax Return?
Before diving into extension details, it’s important to know who must file a federal tax return. Generally, if your income exceeds the standard deduction for your filing status (single, married filing jointly, etc.), you are required to file a federal tax return. Additionally, certain individuals may need to file regardless of income if they meet specific criteria, such as:
- Self-employed individuals earning more than $400 annually.
- Individuals receiving income from dividends, interest, or capital gains.
- Those who owe taxes on retirement distributions, Social Security benefits, or unemployment income.
- Individuals subject to the alternative minimum tax (AMT) or net investment income tax (NIIT).
To avoid missing the deadline or underreporting income, it’s essential to determine if you’re required to file a return for the tax year.
Am I Eligible to Request a Tax Extension?
Yes, any taxpayer can request an extension to file their federal tax return. If you are unable to file your return by the standard due date, you can submit Form 4868, the IRS’s Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This will give you an additional six months to file your return, moving your new due date to October 15, 2024.
However, it’s important to understand that filing an extension only extends the time to submit your tax return, not the time to pay any taxes you owe. Any estimated taxes must still be paid by the original deadline of April 15, 2024, to avoid penalties and interest.
How Do I Request a Federal Tax Extension?
If you’re eligible for a tax extension and need extra time to file your return, requesting an extension is a straightforward process. You can submit your extension request in several ways:
1. File Form 4868 Electronically
The quickest and easiest way to request an extension is to file Form 4868 electronically through the IRS’s Free File service or through any IRS-approved tax preparation software, such as TurboTax or H&R Block. These platforms allow you to fill out and submit Form 4868 directly to the IRS.
2. Paper Filing
If you prefer a more traditional method, you can also file Form 4868 by mail. The form is available for download on the IRS website. Simply complete the form and mail it to the IRS address listed for your state on the form instructions. Be sure to send the form well before the April 15 deadline to ensure timely processing.
3. Payment Option
If you owe taxes, you can also receive an automatic extension by making a tax payment through the IRS’s Direct Pay system, the Electronic Federal Tax Payment System (EFTPS), or with a credit or debit card. When making the payment, select the option indicating it is for an extension, and you’ll automatically receive an extension for filing your return.
Important Things to Keep in Mind When Requesting an Extension
1. The Extension Only Applies to Filing, Not Paying Taxes
Even though an extension grants you more time to file your return, it does not give you extra time to pay taxes. If you owe the IRS, your tax liability is still due by the original April 15 deadline. Failing to pay on time can result in penalties and interest, even if you have filed for an extension.
To avoid this, estimate your tax liability when requesting the extension and make a payment before the due date if necessary. If you can’t pay the full amount, pay as much as you can to minimize penalties and interest.
2. IRS Interest and Penalties for Late Payment
The IRS charges interest on any unpaid taxes starting from the April 15 deadline. If you fail to pay at least 90% of your total tax liability by the original due date, the IRS will charge a late payment penalty. This penalty is typically 0.5% of the unpaid taxes for each month (or part of a month) that the payment is late, up to a maximum of 25%.
To minimize these charges, make an estimated tax payment when you file your extension, even if you aren’t able to calculate the exact amount owed.
3. Tax Extensions for Special Circumstances
In certain cases, you may qualify for automatic extensions without the need to file Form 4868. These include:
- U.S. Military Members: If you are on active duty and stationed outside of the United States, you may automatically qualify for an extension of time to file your return. Additionally, service members in combat zones receive special tax extensions.
- Natural Disaster Victims: Taxpayers affected by federally declared disasters may qualify for automatic extensions and other relief. Check the IRS website for specific disaster relief announcements.
What Happens After You Request an Extension?
Once you’ve successfully submitted Form 4868, your tax filing due date is automatically extended to October 15, 2024. You won’t receive a confirmation from the IRS unless you file electronically, in which case you’ll receive an email confirmation.
Keep in mind that you’ll still need to file your tax return by the extended deadline and pay any additional taxes due to avoid further penalties or interest. If you overpay your taxes when requesting an extension, you may be eligible for a refund once your return is processed.
Consequences of Failing to File or Request an Extension
Failing to file your federal tax return or request an extension by the April deadline can result in failure-to-file penalties, which are significantly higher than failure-to-pay penalties. The IRS generally charges a penalty of 5% of the unpaid taxes for each month your return is late, up to a maximum of 25%. If your return is more than 60 days late, the minimum penalty is either $435 or 100% of your unpaid taxes, whichever is smaller.
This makes it critical to either file your tax return or request an extension before the due date to avoid substantial penalties.
Conclusion
The due date for filing your federal tax return is April 15, but if you need more time, you can easily request an extension using Form 4868. An extension grants you additional time to file your return (until October 15), but it does not extend the deadline for paying any taxes owed. It’s crucial to pay as much as possible by April 15 to avoid penalties and interest.
If you’re unsure about your tax liability or if you qualify for an extension, it’s advisable to consult with a tax professional to ensure your return is filed correctly and on time. Meeting tax deadlines is essential to maintaining compliance with the IRS and avoiding unnecessary penalties.