Do you have a tax extension to file and are worried about how to do it? We have got you covered. In this guide, we will discuss how to file a tax extension on Turbotax with a few simple steps and how to make sure they do so at the right time. We will also discuss the important points and tips that one must remember throughout the process just to be safer. With that in mind, let’s get started.
What is Turbotax?
TurboTax is a popular tax preparation software that helps individuals and businesses in the United States and Canada prepare and file their income tax returns online or via desktop software. It offers various versions tailored to different tax situations, ranging from simple W-2 filings to more complex scenarios involving self-employment, investments, and rental properties. Some versions of TurboTax offer options for expert help, including on-demand advice from tax professionals. All in all, Turbotax can be of great help to you if you are looking for a way to file a tax extension and more!
What does it mean to file a tax extension?
Filing a tax extension means requesting additional time from the tax authorities like the IRS in the United States or the relevant tax agency in other countries, to file your tax return. It simply pushes back the deadline for submitting your tax paperwork. It also extends the time to file your return, not the time to pay your taxes. This is a crucial thing to remember. If you owe taxes, you are still generally required to estimate and pay that amount by the original tax deadline, even if you file for an extension. Once your extension is approved, you are granted additional time to file your tax return. In the US, for individual income tax returns, the automatic extension typically grants an additional six months.
How to file a tax extension on Turbotax?
If you want to use Turbotax to file your tax extension, then these are the steps that you can follow –
- Go to the Turbotax Easy Extension and click on it.
- Now create an account if you don’t have one. Or if you do, use its credentials to sign in.
- Enter the information it asks of you, particularly that is mandatory. In detail, enter your name, Address, SSN number, total tax liability for the year, due balance, etc.
- After you have done all this, Turbotax will make sure that a 4868 Form is sent to the IRS immediately on your behalf.
- Make the payment for any owed taxes if it asks you for it and if it is necessary.
- After you have done all that, a confirmation message will be sent by the Turbotax team indicating that your request is sent to the IRS and has been accepted.
And that is just how one can file a tax extension on Turbotax. It is simple and easy and takes just a few minutes. However, keep the deadline in mind, as you may have to pay extra penalties to still proceed with your requests after.
