EXTENSION OF TIME FOR INDIVIDUAL INCOME TAX FILERS

Individuals residing in U.S are mandate to file individual income tax through various applicable forms. However, if you are not ready with the documents or paper works by April 15th then you could look forward for an extra time to file your return, there is always a way out. Form 4868 is an Extension of Time for Individual Income Tax Filers reporting to the IRS. This includes all taxpayers who file 1040s, contractors who file 1099s, as well as single-member LLCs and Schedule C Sole Proprietors.

Filing an individual tax extension form 4868 will extend your tax deadline to October 15th for the following tax returns:

Applying for a business tax extension will extend your filing deadline for the following business tax returns:

  • Tax Form 1040
  • Tax Form 1040A
  • Tax Form 1040EZ
  • Tax Form 1040NR
  • Tax Form1040NR-EZ

Form 4868 provides you with 6 months of automatic extension of time, however, you should pay your dues in full by the due date i.e. 15th of April of the calendar year.

However, U.S. citizens and resident aliens abroad or “Out Of the Country” can file an extension of time to file their individual income tax return through form 2350 if they are expected to file Form 2555 or 2555-EZ. In addition, form 2350 should be filed if taxpayers need the time to meet the bona fide residence test or the physical presence test to qualify for the foreign earned income exclusion and/or the foreign housing exclusion or deduction.

However, if you belong to the exempt organizations, you can use form 8868, the Application for Extension of Time To File an Exempt Organization Return to request an automatic 3-month extension of time (6 months for a corporation required to file Form 990-T). Also, you are eligible to apply for an additional (not automatic) 3-month extension if the original 3-month extension was not enough time. You cannot apply for both the automatic 3-month extension and the additional (not automatic) 3-month extension at the same time.

“Out of the country” means that on the regular due date of your return, either:

(a) You live outside the United States and Puerto Rico and your main place of work is outside the United States and Puerto Rico, or
(b) You are in military or naval service on duty outside the States and Puerto Rico.

If you qualify as being “out of the country,” you will still be eligible for the extension, even if you are physically present in the United States or Puerto Rico on the regular due date of the return. You do not have to file a form to get the 2-month extension because you were out of the country. However, you will have to attach a statement to your tax return explaining how you qualified.

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