Due to the fact i am just starting to repay a defaulted student loan, i have to make good faith payments in order for the IRS not to hand over my refund check to the lending institution, like they have been doing for the last five years. I am positive of a refund, do i still have to request an extension, or can i just do my return sometime in september or october with out the worry of beind fined or penalized by the IRs?
2007-03-05 19:10:55 · 8 answers · asked by tp1260 2 in Business & Finance ➔ Taxes ➔ United States
If you do not file an extension, you have reason to worry that you will be fined or penalized by the IRS.
So file the extension, Form 4868.
2007-03-06 02:58:40 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
The first thing you need to do is to contact your lending institution to dissolve the garnishment of your refund checks. The reason the lending institution demanded your
refund check to be garnished by them is because you do not pay your debts.
If you are now making your payments on your student loan and timely, you must contact the source of your student loan and request them to remove the garnishment.
2007-03-06 06:00:06 · answer #2 · answered by bold4bs 4 · 0⤊ 0⤋
The official, legal answer is yes, you have to file for an extension if you're not going to file on time. But if you don't and you have a refund coming, there won't be any penalties.
2007-03-06 04:41:44 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
if your POSITIVE that your getting a refund then you don't need an extension, you don't get penalized for them owing you money but i would do two things : 1st call your student loan place and make sure they haven't put an refund attachment against your refund. and 2nd i'd call the IRS and make sure there's not a withholding on my taxes
2007-03-05 19:24:31 · answer #4 · answered by riderchick 4 · 0⤊ 1⤋
You should file Form 4868 which will extend your filing date until October 15, 2007. It takes two minutes and Ill even provide the form for you. Just fill out your name and address and you could even fill in "0" for balance due.
You will not have payment penalties, but you can still incur late FILING penalties if you do not file on time.
http://www.irs.gov/pub/irs-pdf/f4868.pdf
2007-03-05 20:26:29 · answer #5 · answered by tma 6 · 1⤊ 1⤋
it's the man. just take the 3 minutes and file for the extension.
2007-03-05 19:13:23 · answer #6 · answered by imnotachickenyoureaturkey 5 · 0⤊ 0⤋
You must file an extension or you will get fined.
2007-03-05 21:47:19 · answer #7 · answered by mosrider2002 4 · 0⤊ 2⤋
YES..
YOU CAN GET A PENALITY FOR NOT DOING SO.
2007-03-05 19:17:37 · answer #8 · answered by cork 7 · 0⤊ 2⤋