Request a tax extension? Here’s how it works and when your taxes are due – NBC Chicago

If you need more time to file your 2021 tax returns, you’re not alone.

Yes, Monday is the deadline for filing your 2021 taxes. But there are options if you find yourself a little behind this year.

From filing a tax extension to penalties if you miss the deadline, here’s what you need to know.

What is a tax extension used for?

According to the IRS, an extension is simply a six-month extension for case your taxes.

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However, it does not grant you an extension for Pay your taxes. You should always pay your taxes on time to avoid any penalties or interest.

Is there a deadline for filing a tax extension request?

Yes. Extension requests must be filed on or before your return’s regular due date, the IRS says on its website.

In other words, the request to file an extension and the 2022 tax deadline are the same day.

This means that this year your extension filing request must be by Monday April 18th.

What happens if you miss the tax deadline and don’t file for an extension?

If you file your taxes after the April 18 deadline (and haven’t filed for an extension), you may be hit with a failure to file penalty.

According to the Internal Revenue Service, “The failure to file penalty applies if you do not file your tax return by the due date. The penalty you must pay is a percentage of the taxes you do not owe. paid on time.”

The amount you may have to pay is calculated based on how late you file your tax return and the amount of tax that is outstanding on the initial payment due date. Interest can also be changed on a penalty. Here is a math breakdown.

If your return is more than 60 days late, the minimum non-filing penalty is $435 (for tax returns due in 2020, 2021, and 2022) or 100% of the tax to be shown on the return, whichever is lower.

In other words, the request to file an extension and the 2022 tax deadline are the same day.

How do I request a tax return extension? What form should I fill out?

You will need to complete Form 4868 in order to file an extension request. You can file it for free using Free File.

Who can ask to file a tax extension? Are there any restrictions on who gets an extension?

Any individual taxfiler, regardless of income, can electronically request an automatic tax return extension.

However, to get the extension, you must estimate your tax liability on the free file form and you must also pay any amount owing.

What is the duration of a tax extension?

A tax extension gives you an additional six months to file your taxes.

OK, I filed an extension request. What day are my taxes due now?

Taxpayers requesting an extension will have until October 17 to file a return.

Your return is considered filed on time if the envelope is properly addressed, stamped, and mailed by the due date.

What if you can’t afford to pay your taxes when you file?

If you cannot pay your taxes when you file your taxes, you could be hit with a non-payment penalty.

According to the IRS, “The penalty for non-payment applies if you do not pay the tax you report on your tax return by the due date or approved extended due date. The penalty you you have to pay is a percentage of the taxes you have paid”. don’t pay.

However, if you are unable to pay your taxes on the day they are due, you may be eligible for an online payment plan (including an installment agreement) which allows you to pay off an outstanding balance over time.

These payment plans may include:

  • Short Term Payment Plan – The payment period is 120 days or less and the total amount due is less than $100,000 in taxes, penalties and interest combined.
  • Long Term Payment Plan – The payment period is over 120 days, paid in monthly installments, and the amount owed is less than $50,000 in taxes, penalties and interest combined.

Once your online application is complete, you will receive an immediate notification whether your payment plan has been approved.

How soon are tax refunds issued?

According to the IRS, every 10th refund is made in less than 21 days.

Since the week ending April 1, the IRS has sent more than 63 million refunds worth more than $204 billion.

What is the average tax refund?

The average refund is $3,226, according to the IRS.

How can I check the status of my tax return?

The Illinois Department of Revenue said “in addition to free Form IL-1040 filing through MyTax Illinois, individuals can also use the site to make payments, respond to department requests, and check the status of their refunds. using the Where is my refund? link.

Taxpayers can also call the Automated Refund Hotline at 1-800-829-1954.

“Where’s my refund?” can be used to check the status of a tax return within 24 hours of receiving an electronic file acceptance notification.

The message “Where is my refund?” » the tool is only updated once every 24 hours. If more than 21 days have passed since a tax return was filed electronically or more than six weeks since a return was mailed, taxpayers can call a hotline to speak to a representative .

What if I’m still waiting for my 2020 tax return?

The IRS says it “continues to make progress in this area and has taken many steps to help address this issue.”

If you’re still waiting for a 2020 tax return, you don’t need to wait for it to be fully processed to file your 2021 taxes.

According to the IRS, those with unprocessed 2020 tax returns must enter $0 (zero dollars) for last year’s AGI on their 2021 tax return when e-filing.

Who do I contact if I have questions?

IDR said it plans to extend its phone hours on April 15 from 8 a.m. to 7 p.m. and April 18 from 7:30 a.m. to 7 p.m. to help answer questions from residents.

For the most up-to-date information, forms, schedules, and instructions for the 2022 tax season, residents can visit

NBC Chicago

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
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