We're first time snowbirders this winter and I'm leaning toward going with the income tax filing extension.I was wondering how close of an estimate (income) they need when filling out the form?Also, I usually use TurboTax. If I purchase it this year does it have a provision to file for the extension?If so, can I efile the extension request through TurboTax for free?If they do offer free efile for the extension, will it efile my actual returen for free at a later date when I actually file my tax return? (this is assuming I purchase the edition with free federal efile)

"Yes" to all of the above.I don't know how close the estimate has to be - just make your best guess. It shouldn't be that hard (unless you have some massive amount of receivables outstanding).

I'd be real careful with your estimated income. I've never used the extension but I always read that even if you filed for an extension you still had to pay any taxes due by Apr 15

golfknut wrote: I usually use TurboTax. If I purchase it this year does it have a provision to file for the extension?Use TT online. Does all that. And you may not need to file an extension.. unless of course you need records at home.

If your income is very close to last years, use last years figures.

X2 on the need to pay taxes due by April 15. I always wondered what the advantage was to an extension. If you owe money it is due by April 15. If you don't owe money or are getting a refund I can't imagine that the IRS would care if you are late! But I've never put it to a test.BTW I do income taxes for AARP.

Income Tax Filing Extension | Good Sam Community

bighatnohorse
Explorer II
Dec 06, 2013
"Yes" to all of the above.
I don't know how close the estimate has to be - just make your best guess. It shouldn't be that hard (unless you have some massive amount of receivables outstanding).
HappyKayakers
Explorer
Dec 06, 2013
I'd be real careful with your estimated income. I've never used the extension but I always read that even if you filed for an extension you still had to pay any taxes due by Apr 15
2oldman
Explorer II
Dec 06, 2013
golfknut wrote:
I usually use TurboTax. If I purchase it this year does it have a provision to file for the extension?
Use TT online. Does all that. And you may not need to file an extension.. unless of course you need records at home.
BillAnn_C
Explorer
Dec 06, 2013
If your income is very close to last years, use last years figures.
Dick_B
Explorer
Dec 06, 2013
X2 on the need to pay taxes due by April 15. I always wondered what the advantage was to an extension. If you owe money it is due by April 15. If you don't owe money or are getting a refund I can't imagine that the IRS would care if you are late! But I've never put it to a test.
BTW I do income taxes for AARP.
doxiemom11
Explorer II
Dec 06, 2013
Why "buy TT each year. It is available online and updated for each season You do federal first, then any state or local can be done too. Just prepare your taxes like normal. Have mail forwarded to you so that you get all docs you need for doing the taxes.
golfknut
Explorer
Dec 06, 2013
Having mail forwarded to us is not an option.
2oldman
Explorer II
Dec 06, 2013
Many businesses, retirement accounts have forms online. No paper needed, only information.
Old-Biscuit
Explorer III
Dec 07, 2013
If you owe the IRS, you must pay your tax in full by April 15th. If you do not pay your tax in full, the IRS will calculate penalties and interest on your outstanding balance. The penalty for not filing is 5% per month up to a maximum penalty of 25% of the balance due. By contrast, the failure to pay penalty is 0.5% per month, plus interest. The bottom line? If you think you owe, file an extension as a way to avoid the late filing penalty.

Form 4868.....6 month extension

Turbo Tax, TaxAct and H&R Block On-line have methods for filing extension
RVUSA
Explorer
Dec 08, 2013
I think that if you owe money you cant file an extension.

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