Question
I need to estimate tax liability because I know I have a balance due and owe taxes. How do I estimate extension tax liability?
Answer
To estimate your taxes due/balance owed, you can do either of these:
- Use the estimated tax worksheet in the instructions for Form 1040-ES. Use Line 13c as your estimated taxes due/balance owed on your extension as filed on Form 4868.
- Complete your return with the actual figures you have and estimate figures for those that you don’t. Use the amount of tax due on the return as your estimated taxes due/balance owed. Make sure you replace all of your estimates with actual figures before filing your return.
When you eventually file your return:
- You’ll receive a refund for any tax you overpaid.
- If you underpaid and owe tax, the remaining balance owed amount will be subject to interest and penalties.
Related Resources
I need to request extension to file my state return — Specifically, I need to file Georgia tax extension. How do I file
Do you need to file for a Georgia tax extension? Learn more from the tax experts at H&R Block.
If I’ve had to request extension, what’s the amended return deadline if I’ve filed for extension using Form 4868?
Find the filing deadline for an amended tax return with help from with tax experts at H&R Block.
Where can I find my tax extension confirmation number?
Learn how to find your tax extension conformation number with help from the tax experts at H&R Block.
Tax Filing Extension Deadline | H&R Block
Do you need more time to file taxes? Review these time-sensitive tax pro tips to prepare for the tax filing extension deadline. Read more from our pros on the H&R Block blog.
