i sent form 4868 for an extension on 04/16/07 but did not file the return,was told i did not need to.?

Question

now i have read i should have filed anyway,am getting two stories,what is correct?

Answer 1

If you file a form 4968 extension request, you do not file the actual return. that is what you are requesting an extension for, more time to complete the return. However, you still had to pay your taxes due (or at least your best estimate).

Note that if you did not pay you taxes due or did not pay enough, when you do file your return you may be assesed late payment penalties and interest.

And to really clear this up: the extension is an automatice 6 month extension, giving you until OCTOBER 15, 2007. It used to be a 4-month, then you could try for another 3 month extension, but that was changed last year to a simple 6 months.

Answer 2

You file the 4868 by tax filing date to request authorization for an extension for filing your 1040 return, or whichever return you filed it for. I believe they send you a confirmation that you're authorized, but am not positive.

The taxes you estimate you will owe were supposed to be sent with the 4868. If your tax filing, which you must now make by the extended deadline, indicates you owe taxes, but you didn't send them with the 4868, you will be charged penalties and interest on the penalties.

You see, the extension is ONLY for the paperwork to be filed later... I think the extension is good either through June or August, but you can call your local IRS office to verify that.

If your usual taxes go on a 1040 or 1040EZ, you STILL have to file that. You just have extra time to get it filed.

Answer 3

The extension application is an extension of the time to file the return. It extends your deadline to August 15, 2007. That is not an extension of the time to pay the tax, however. You should have included a check for any balance due, if any, with the extension application.