Missed the tax extension filing date? Don’t worry, we’ve got your back! Follow the guide to know how you can file an extension on TurboTax without an additional fee. We will also see how it may impact the principal amount and anything else. So, let’s get started.
When is a tax extension usually filed?
A tax extension is usually filed by the regular tax deadline, which is April 15. If that date falls on a weekend or holiday, it moves to the next business day, and this becomes the last day for filing it. You need to tell the IRS that you need more time before the time is beyond the last date, just so you are not strangled up in legal clutches. But what happens when you do that? Filing the extension gives you a six-month buffer, moving your paperwork deadline to October 15. However, you will still have the same amount of time to pay. You still have to estimate and pay any taxes owed by the April date to avoid interest accruing on the total amount. If you have failed to do so, interest would keep getting charged on the same amount.
About Turbotax
TurboTax is known to be a digital tax preparer that guides you through your return using an interview-style format. It is a simple one-stop to take care of your taxes and more. And while it’s very user-friendly, users say that the costs can add up quickly with various add-ons and state filing fees that may add to them while you move. If you want to file an extension on TurboTax, follow the next section.
Steps to file an extension on TurboTax
If you want to file an extension on TurboTax, here is all you need to do.
- Log in to your TurboTax account and look for the Easy Extension link on their website.
- When you are inside your return, just search for the word extension in the search bar and use the jump to link to find the right section. This directly brings you where you need to be.
- Here, provide your personal information exactly as it appears on your previous tax documents.
- It is calculation time! You have to estimate your total tax liability for the year and enter any federal or state taxes you may have already paid through withholding.
- You now have to decide if you want to make a payment now to avoid interest charges, as the extension only covers paperwork and not the money you owe.
- Finally, just review your details and click on the e-file button to submit Form 4868 to the IRS. After this, you can wait for a confirmation email to ensure the filing was accepted.
