If you cannot file your federal income tax return by the April 15th deadline, the IRS has a solution for you. Filing Form 4868 will request a six month extension. Knowing the consequences of filing late or not filing at all is important to your financial health. Take this quiz and see how much you know about filing a tax extension.
What should you do if you cannot file your income tax return before the deadline?
File Form 4868
File Form 1040X.
File Form 1040.
How long may I extend the due date?
How do I file Form 4868?
phone or Internet
What should I include with Form 4868?
previous year return
What are your payment options?
What is the late-payment penalty?
What is the filing due date if you live outside the U.S.?
If I live in Puerto Rico, do I get an automatic extension?
Living in Puerto Rico is not considered living abroad.
The due date for residents of Puerto Rico is June 15.
The due date for residents of Puerto Rico is October 15.
What is the interest rate charged on unpaid tax?
3 percent plus the federal short-term rate
If you live in a place that had a disaster, is an extension available?
Does the IRS ever negotiate the amount of unpaid tax?
The IRS does not negotiate.
The IRS always negotiates.
The IRS may accept an offer in compromise.
Is there any way to avoid a tax penalty?
There are never penalty exceptions.
You may be able to justify the cause to the IRS.
The IRS usually cancels penalties.
What happens if you do not file your tax return or a Form 4868?
You will be assessed penalties on tax due.
You will be assessed interest on tax due.
What does the IRS consider an economic hardship?
unable to pay private school tuition
unable to afford discretionary expenses
unable to pay housing costs
What do you do if you do not have cash or credit to pay your full tax liability?
borrow from relatives
set up an installment agreement
do not pay
Does the IRS have additional charges to use an installment agreement?
What is Form 433F?
record of bank accounts, debt and assets
record of past years returns
record of debts
How do you get an extension for your state income tax?
Contact the IRS.
Contact your state tax authority.
File with Form 4868
Is the tax deadline always on April 15?
only if April 15 is on a weekday
always on April 15
different every year
What happens if there is a long line at the post office on the last day to file?
The postmark must be before midnight.
By noon the next day by noon will be fine.
By five in the afternoon the next day will be fine.