With April 15 falling on a weekend and the Emancipation Day holiday in D.C. on Monday, filers have a little extra time to complete their federal income tax return. This year’s deadline is Tuesday, April 18.
If you can’t get your return in by then, read on for extension information.
YOU CAN FILE AN EXTENSION ONLINE, FOR FREE
Tuesday is also the deadline to request an extension from the IRS if you’re not prepared to file your individual income tax return. Filers can use tax software or IRS Free File, no matter income level, to electronically request an extension.
Here’s a link to free file extension instructions from the IRS.
Bill Dendy, a North Texas CPA, explains filers can fill out IRS Form 4868.
“One of the easiest forms to fill out, especially if you’re not making a payment,” said Dendy.
It’s a short form and filers don’t need to give a reason for needing an extension. The IRS says it will only contact you if your extension request is denied.
AN EXTENSION TO FILE IS NOT AN EXTENSION TO PAY
An extension gives filers until October 16 to get their 1040 in. An extension to file is not an extension to pay if you owe taxes.
You would have to estimate your tax liability on Form 4868 and pay by Tuesday. The IRS says to make the payment as accurately as you can with the information you have.
“The best way to figure out how much you're going to owe is to look at what you owed last year and look at what may have changed,” said Dendy. “If nothing's changed. If you paid last year, you got your taxes finished and you got a $100 refund, you're probably within $100 this year, too, if nothing has changed.”
He notes stimulus benefits and bigger tax breaks, like the Enhanced Child Tax Credit offered during the pandemic, are going away. Some taxpayers who received refunds last year should expect a smaller refund this year. You can read more about the changes here.
If you expect to owe the IRS and can’t afford to pay by Tuesday, Dendy says it’s still important to file an extension.
Many taxpayers can apply for an installment agreement online.
FREE TAX PREP OPTIONS IF YOU’RE READY TO FILE
If you’re filing your return last minute and you’re comfortable preparing your taxes on tax software, individuals or families earning around $73,000 or less can use free tax software through IRS Free File.
If you made more in the 2022 tax year, you can still file your tax return for free by using IRS fillable forms. The forms help with basic calculations, so the filer would have to do the math themselves.
Some may qualify for free in-person help preparing tax returns at a Volunteer Income Tax Assistance (VITA) site. VITA sites can help people who generally make $60,000 or less, people with disabilities and people who speak limited English. There is also a Tax Counseling for the Elderly (TCE) program that offers free help preparing basic tax returns.
When NBC 5 Responds looked this week, we spotted a few sites offering free return tax help on Saturday and through Tuesday without an appointment.
You can search for a location here. Or, call the IRS helpline at 800-906-9887 to locate a VITA or TCE site near you.
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