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

Tequila
Explorer
Dec 08, 2013
In Canada they do not care if you file late. You just get dinged with interest (fairly high) if you owe. The trick is to ensure you do not owe. I always estimate my income & plunk the figures into the previous years turbo tax, then make an advance payment to ensure I am in refund territory. I often actually file in July.
PawPaw_n_Gram
Explorer
Dec 08, 2013
RVUSA wrote:
I think that if you owe money you cant file an extension.

From the IRS Extension Form

Although you are not required to make a payment of the tax you estimate as due, Form 4868 does not extend the time to pay taxes. If you do not pay the amount due by the regular due date, you will owe interest. You may also be charged penalties.

The Extension only allows you more time to file. It does not stop any penalties for late payment, nor any interest on amounts owed.
BarbaraOK
Explorer
Dec 08, 2013
golfknut wrote:
Having mail forwarded to us is not an option.

So what is being done with your mail that you can't have it forwarded to you?

Barb
Bea_PA
Explorer
Dec 09, 2013
We have been using an extension for 16 years. I just have more money than required taken out of pensions so they always owe us money. I found that quarterly tax payment was a nuisance.

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