Get Ready: Understanding Tax Filing Deadlines

What to Do If You Can’t File by April 18

If you’re not able to file by next Tuesday, fill out Form 4868 electronically or on paper and send it in by April 18. You will be granted an automatic six-month extension to file. Note, however, that an extension to file is not an extension to pay. You will be charged interest (currently running at 7%) and a penalty on any amount you still owe for 2022 but haven’t paid by April 18.

Organize Your Tax Documents

By now, you should have received every tax document that third parties are required to send you (your employer, bank, brokerage, etc.). If you don’t recall receiving a hard copy of a tax form in the mail, check your email and your online accounts — a document may have been sent to you electronically. Some of the tax forms you may have received include:

• W-2 from your wage or salaried jobs

• 1099-B for capital gains and dividends

• 1098 for mortgage interest

• 5498 for IRA contributions

Potential Taxable Income Sources You May Not Be Aware Of

In addition to your paycheck, other potentially taxable income sources include:

• Interest on your savings

• Investment income (e.g., dividends and capital gains)

• Pay for part-time or seasonal work, or a side hustle

• Unemployment income

• Social Security benefits or distribution from a retirement account

• Tips

• Gambling winnings

• Income from a rental property you own

Pay What You Owe Electronically

You can choose to pay what you owe electronically, which is the more efficient route. Select “extension” and then “tax year 2022” when given the option. This will automatically process an extension of time to file.

Proofread Your Return Before Submitting It

Before submitting your return, proofread it carefully, whether you’re using tax software or working with a professional tax preparer. Little mistakes and oversights can delay the processing of your return (and the issuance of your refund if you’re owed one).

You May Not Be Required to File a Return

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 may want to do so if you think you’re eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit.

Use IRS Free File

You are likely eligible to use IRS Free File, which can help you prepare and e-file your tax return for free.

Make a Payment if You Owe Taxes

If you suspect you still owe tax — perhaps you had some income outside of your job for which tax wasn’t withheld or you had a big capital gain last year — approximate how much more you owe and send that money to the IRS by Tuesday. You can choose to do so by mail, attaching a check to your extension request form, or pay what you owe electronically at IRS.gov.

Last-Minute Tax-Filing Tips

If you’re among the tens of millions of households yet to file your tax returns, here are some last-minute tips to keep in mind as the Tuesday, April 18 deadline approaches.

• Not everyone has to file on April 18. If you live in a federally declared disaster area, have a business there, or have relevant tax documents stored by businesses in that area, it’s likely the IRS has already extended the filing and payment deadlines for you.

• Use an interactive tax assistant that can help you answer more than 50 basic questions pertaining to your individual circumstance on income, deductions, credits, and other technical questions.