If you haven filed your 2022 tax return by April 18th, you can fill out Form 4868 to get an automatic six-month extension. However, this doesn extend the deadline to pay any amount you still owe, and you will be charged interest and a penalty on unpaid taxes. Additionally, if you are in the armed forces and were stationed in a combat zone, your filing and payment deadlines may have been extended by 180 days.
Consider Using Payment Plan Options if You Can’t Pay Your Taxes in Full
Don’t Forget to Review Your Return Before Submitting It
Tax Day 2023: What You Need to Know
If You Can’t File by April 18th
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Fill out Form 4868 electronically or on paper and send it in by April 18th.
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This will grant you an automatic six-month extension to file.
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However, keep in mind that this is not an extension to pay. You’ll still be charged interest (currently running at 7%) and a penalty on any amount you still owe for 2022 but haven’t paid by April 18th.
Other Important Deadlines
What to Do If You Can’t File Your Tax Return by April 18
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Fill out Form 4868 for an Automatic Six-Month Extension
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Approximate How Much More You Owe and Send That Money to the IRS
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Check if You’re Eligible for an Extension Due to Disaster or Military Service
Other Important Deadlines (Continued)
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If you’re in the armed forces and were stationed in a combat zone, your filing and payment deadlines may have been extended by 180 days.
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Check with the IRS to confirm your specific deadline.
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If you made little to no money last year (typically less than $12,950 for single filers and $25,900 for married couples), you may not be required to file a return. However, you might want to file if you think you’re eligible for a refund.
Organizing Your Tax Documents
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By now, you should have received all the tax documents that third parties are required to send you (your employer, bank, brokerage, etc.).
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If you don’t recall receiving a hard copy of a tax form in the mail, check your email and online accounts – it might have been sent electronically.
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Some common tax forms include W-2 from your wage or salaried jobs, 1099-B for capital gains and losses, and interest statements from banks and investments.
Payment Plan Options
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If you still owe income taxes to your state, remember that you may need to file for an extension and make a payment to your state’s revenue department.
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The IRS provides an interactive tax assistant that can help answer basic questions pertaining to your individual circumstances on income, deductions, credits, and other technical questions.
Already Filled?
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If you’ve already filed your return, you’re probably glad it’s behind you. However, you might still have a few questions about what’s ahead.
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What about my refund? If you are due a refund, the IRS typically sends it within 21 days of receiving your return.
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Keep in mind that refunds may be smaller than last year, even if your financial life didn’t change much. That’s because a number of Covid-related tax breaks expired.
Additional Resources
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Use this interactive tax assistant for basic questions you may have.
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Consult with a certified public accountant or tax preparer who is an enrolled agent to ensure you’re making the best choice for your circumstance.
