IRS Form 4868

Practical overview

Form 4868 extends the time to file by six months but does NOT extend the time to pay. Any unpaid tax accrues interest and failure-to-pay penalties from the original due date. The IRS only requires that the taxpayer make a reasonable estimate of liability on the extension; subsequent under-estimates do not invalidate the extension unless willfully understated.

Practical steps

• Estimate total tax liability as accurately as possible.
• Pay any expected balance due with the extension.
• File Form 4868 by April 15 electronically or by mail.
• File the actual return by October 15.

Due-date notes

Penalty snapshot

Failure-to-pay penalty (0.5 percent per month) and interest apply on any unpaid balance from April 15 even if the extension is filed.