in

Step by step to request an extension of time to file the 2020 tax return

Next May 17th is the deadline this year to file your 2020 tax return with the Internal Revenue Service (IRS).

It is possible that you are one of the taxpayers who needs more time than established to meet your tax obligation.

If that’s your case, you can request an extension from the agency which gives you until October 15 to complete the process.

It is important to clarify that the extension is to prepare and file taxes; It is not about additional time to pay taxes owed to the IRS.

This year, the submission deadline was April 15. However, due to the COVID-19 emergency, the period was extended until May 17. Those who need more time can opt for the extension.

3 Ways to Request an IRS Tax Return Extension

There are three ways to request additional time.

Under the first alternative, you can pay all or part of your estimated income tax that you owe and indicate that said payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS) or by means of credit or debit card.

A second option is by filing Form 4868 electronically through the IRS e-file program or through a professional tax preparer who uses the program.

The third alternative is to file a paper Form 4868 (SP) and attach the payment of your estimated tax due.

How to complete the form to request an extension of the tax return?

To complete the form, The first thing that the person must do is enter a name and address.

If you intend to file a joint return, enter on line 2 the Social Security number that will appear first on your return. On line 3, enter the other Social Security number that will appear on the shared return.

In box 4 you must add the total tax for 2020. The next line corresponds to the total payments for 2020 that you expect to declare. On line 6 you have to enter the balance owed.

In the case of line 7 you have to place the amount you are going to pay, while box 8 You will only mark it if you are outside the United States. On line 9, you must specify if you will file Form 1040-NR and did not receive wages as an employee subject to US income tax withholding.

Usually, the extension cannot be extended for more than six months. However, there may be an exception if you live outside the country, the IRS said.

The IRS offers payment options to taxpayers who cannot pay all of the tax they owe. “In most cases, you can request an installment plan by using the Electronic Application for Installment Agreement at IRS.gov/espanol. They can also file Form 9465, Application for an Installment Payment Plan. If a taxpayer cannot make payments due to financial difficulties, the IRS can help, ”it is indicated from the agency’s website.

Criticism, ‘Ghosts’: The Other Face of Istanbul

Rosie Rivera announced that she will no longer take over Jenni Rivera’s companies