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Started By
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Tax Filing Extension Question
Posted on 4/13/15 at 10:11 am
Posted on 4/13/15 at 10:11 am
If I file for an extension, do I still have to pay now along with the extension filing?
Recently discovered I may have overlooked a complexity in my tax prep that will take some time to figure out. Probably can't happen before Wed night. My thought was to file for an extension (never done that before), but someone told me they thought I would still have to pay my estimated taxes now anyway.
Recently discovered I may have overlooked a complexity in my tax prep that will take some time to figure out. Probably can't happen before Wed night. My thought was to file for an extension (never done that before), but someone told me they thought I would still have to pay my estimated taxes now anyway.
4
Posted on 4/13/15 at 10:12 am to Boudreaux35
You pay 90%
Posted on 4/13/15 at 10:15 am to Boudreaux35
Payment is always due on the 15th (payment plans, excluded). Extensions can be filed for the paperwork.
Just pay your estimated taxes now and deal with the return later.
Just pay your estimated taxes now and deal with the return later.
Posted on 4/13/15 at 10:20 am to Boudreaux35
quote:
do I still have to pay now along with the extension filing
well you don't HAVE to, but when you do file your return it'll be subject to some interest and underpayment penalties. Not a big deal if you plan on filing soon after the 15th
This post was edited on 4/13/15 at 10:20 am
Posted on 4/13/15 at 10:23 am to Boudreaux35
File the extension & pay within 10% of what you eventually owe and you'll be good.
Posted on 4/13/15 at 10:43 am to Bullfrog
The amount I will eventually owe is the question. One piece of the puzzle may or may not be taxble and if it is not sure exactly the amount right now.
Crap. I'll figure it out I guess. Probably a long couple of days ahead.
Crap. I'll figure it out I guess. Probably a long couple of days ahead.
Posted on 4/13/15 at 10:56 am to Boudreaux35
If you won't wrap up by May 15, file a state extension too.
Posted on 4/13/15 at 11:19 am to Boudreaux35
quote:
The amount I will eventually owe is the question. One piece of the puzzle may or may not be taxble and if it is not sure exactly the amount right now.
Pay the estimate based on the assumption that it is taxable. And assume the worst as to the amount.
If it ends up being taxable you've avoid interest and penalties. If not, you'll get it back (though with no interest).
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