Question
I need to request extension for my tax liability. When I file extension using Form 4868, do I have to pay my entire tax extension balance due in full?
Answer
If you owe taxes and don’t pay the tax due by the tax deadline, you’ll owe interest. If you owe tax, you might also be charged underpayment penalties.
When you eventually file your return, be sure to show any payment you paid with the extension. You’ll receive a refund for any tax you overpaid.
Related Resources
IRS Letter 2769 – Delinquent Return Accepted as Filed – Penalty
The IRS has accepted your tax return, but you were charged a penalty. Learn how to address IRS letter 2769 from the tax experts at H&R Block.
Withdrawal Penalty Exemptions
Are you exempt from a withdrawal penalty if you've been terminated from your job? Learn more about this important question and get tax answers at H&R Block.
Payment Plan
Learn about IRS payment plans, also called installment agreements. Get insight from H&R Block on the options you may have if you can't pay your tax bill.