No need to file retrun/extension by 5/17??

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VanGuppy
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No need to file retrun/extension by 5/17??

Post by VanGuppy »

I'm going down right towards what I thought was the 5/17 tax filing deadline with the CPA on my mother's final 2020 return. When I last called his office I was told not to worry about filing sometime after 5/17 because a refund was due Federal and zero on NY. I was told we could file the return many months later with no penalty. If so it would lessen my and my CPA's frantic about meeting the deadline.

https://www.irs.gov/newsroom/missed-the ... what-to-do

Seems to support that, but has anyone on the board ever actually done that or know somebody who has?

Thanks
Mike Scott
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Re: No need to file retrun/extension by 5/17??

Post by Mike Scott »

You can send in the extension form with expected taxes owed ($0). It's not a big deal.
Topic Author
VanGuppy
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Re: No need to file retrun/extension by 5/17??

Post by VanGuppy »

Thank you for the suggestion.

I didn't realize crossing the t's and dotting the i's would be so time consuming. The returns are basically done. However I just have a few more questions to resolve before signing and mailing them out. The answers will most likely not require any additional changes. Would the CPA be able to very quickly, and cheaply, complete/send the extension. Would that extra step make any sense given we're probably talking only weeks to comple and file?
kardan
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Re: No need to file retrun/extension by 5/17??

Post by kardan »

Just download form 4868 and complete. Should take less than 5 minutes. https://www.irs.gov/pub/irs-pdf/f4868.pdf
L. H.
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Re: No need to file retrun/extension by 5/17??

Post by L. H. »

For my OWN peace of mind, I would always file the extension paperwork.

Two possibilities if you file the extension:
(1) You do end up getting a refund (or owe nothing), in which case the paper might not have been needed. No harm done.
(2) You do NOT end up getting a refund, but end up owing a little bit after all. The penalty for this will be greatly reduced by your filing the form, in which case filing the form saved you quite a bit of hassle.

Two possibilities if you do NOT file the extension:
(1) You do end up getting a refund (or owe nothing). Nothing bad happens.
(2) You do NOT end up getting the refund, but owe a little bit after all. There are all sorts of penalties that vary depending on the amount due.

FYI, the IRS' form can be e-filed by anyone, regardless of income, only requires a very tiny amount of detail, and shouldn't take more than a few minutes to handle. Details here:
https://www.irs.gov/forms-pubs/extensio ... tax-return

Note that I do not know what the penalties/options are for your individual state, you should research that yourself. A quick search found this link, which appears to show that you can e-file their extension as well. https://www.tax.ny.gov/pit/file/ext.htm
Topic Author
VanGuppy
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Re: No need to file retrun/extension by 5/17??

Post by VanGuppy »

Thanks for pointing out 4868. I never realized it was that easy. It should definitely take the frantic off if necessary. However, I have 2 questions regarding using it.

1) It seems oriented to taxes owed not refunds. Does zero (0) go there even though it's a refund?

2) Can we e-file it even though we'll be paper filing the returns?


Thanks again.
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RickBoglehead
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Re: No need to file retrun/extension by 5/17??

Post by RickBoglehead »

VanGuppy wrote: Fri May 07, 2021 1:09 pm Thanks for pointing out 4868. I never realized it was that easy. It should definitely take the frantic off if necessary. However, I have 2 questions regarding using it.

1) It seems oriented to taxes owed not refunds. Does zero (0) go there even though it's a refund?

2) Can we e-file it even though we'll be paper filing the returns?


Thanks again.
1) Estimate of taxes due - ZERO.

2) You can Efile it just fine. But unless the CPA is doing it for you, simply fill out the form, and mail it in.
Avid user of forums on variety of interests-financial, home brewing, F-150, EV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.
L. H.
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Re: No need to file retrun/extension by 5/17??

Post by L. H. »

VanGuppy wrote: Fri May 07, 2021 1:09 pm Thanks for pointing out 4868. I never realized it was that easy. It should definitely take the frantic off if necessary. However, I have 2 questions regarding using it.

1) It seems oriented to taxes owed not refunds. Does zero (0) go there even though it's a refund?

2) Can we e-file it even though we'll be paper filing the returns?


Thanks again.
(1) The instructions for the form line 6 cover this. "Line 6—Balance Due. Subtract line 5 from line 4. If line 5 is more than line 4, enter -0-."
So yes, you would put 0 if you expect a refund.
(2) I don't see any documentation on this one way or the other, but I would assume (dangerous, I know) that you would WANT to e-file the 4868 form so that it was already processed and in the system when your return came through via paper. There are other situations where you might e-file something and then follow it up with a paper file (for instance, if you e-file your taxes but then have to file a correction using paper filing), and they all work properly. I would assume this would be the same.
Topic Author
VanGuppy
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Re: No need to file retrun/extension by 5/17??

Post by VanGuppy »

Thank you all so much for your answers. I now know for sure filing an extension will work if things get to close to the deadline.
Katietsu
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Re: No need to file retrun/extension by 5/17??

Post by Katietsu »

The 4868 can be e-filed using Free Fillable Forms also.
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celia
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Re: No need to file retrun/extension by 5/17??

Post by celia »

VanGuppy wrote: Fri May 07, 2021 12:29 pm Seems to support that, but has anyone on the board ever actually done that or know somebody who has?
This late filing, when no payment is due, has been around for awhile. It has nothing to do with the delayed filing deadline this year and last.
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