Money delayed if you file for a tax extension in 2024

The last day to pay your taxes (with no extensions) is still a few months away on April 15th of this year. But if you're thinking about filing for a free tax extension, there are payments on the table from his IRS that could be deferred.

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At the same time as completing your tax return, best tax software You can also file IRS Form 4868 by mail, as long as it's postmarked by the deadline, which will also help you file for a tax extension.

This story is part of 2024 taxesCNET covers the best tax software, tax tips, and everything else you need to file your return and track your refund.

Learn how to apply for a tax extension and the money that could be delayed if you do.For more information, see how File your taxes for free and Track your IRS tax refund After filing.

How to apply for tax deferment

If you plan to file for a tax extension this year, you must submit Form 4868 (PDF) to the IRS on paper or electronically by the April 15 deadline. If an electronic extension is submitted by midnight or the letter is postmarked by that date, the extension is valid.

However, if you believe you owe taxes, you should pay your estimated income tax using Direct Pay, the Federal Electronic Tax Payment System, or a debit or debit card. credit card. If you borrow money without paying estimated taxes during the extension period, not only will you have to pay interest on that money, but you may also be subject to penalties when you file your return.

Some taxpayers will automatically receive an extension of time to file their return. This includes military personnel serving in combat zones and those in federally declared disaster areas. U.S. citizens living abroad must submit by June 17th.

Will the extension delay the taxes I owe to the IRS?

No, extending the filing deadline will not delay the payment of taxes owed. According to the IRS, you should estimate and pay at least 90% of your tax liability by the deadline to avoid late fees. If you don't, you'll accrue unpaid interest on the amount you borrow and end up having to pay income taxes and possibly penalties.

Late penalties are typically 0.5% per month of unpaid taxes not paid by the filing deadline, with a maximum of 25%. The IRS may also impose a late filing penalty of 5% of the tax owed for each month or partial months if your tax return is late. If you file more than 60 days after the filing deadline, the minimum late filing penalty is $450 or 100% of the tax owed (whichever is less).

For individual taxpayers, penalties and interest will only stop accruing once the balance is paid in full. For more information on the fine and his payment plan with the IRS, please visit his IRS webpage.

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Between the child tax credit and child support, you could end up with a lot of money back this year.

Sarah Tew/CNET

How does the child tax credit amount relate to my 2023 tax return?

If you had a baby or added dependents at a time in 2023 that the IRS didn't know about, you could get even more money back. Alternatively, if your income has changed and you haven't updated your details on the IRS update portal, you may be eligible for a larger amount.

If you don't file your taxes on time, you could miss out on up to $2,000 per child.

Will child support be included in this year's tax refund?

The child care tax credit remains at the same level as 2019. The amount of money returned for childcare and dependent care expenses has dropped significantly compared to pre-pandemic amounts. But a refund is a refund. According to TurboTax, you can receive up to $1,050 for one child and up to $2,100 for two or more children.

The following are considered costs: Transportation to and from day care, babysitting, and care providers, day camps, and before and after school programs. Amounts eligible for a refund will be sent with your tax refund.

Will filing an extension delay my tax refund?

yes. The schedule for receiving your income tax refund varies depending on when you filed your tax return. Additionally, if you apply for an extension, you must file your return by October 15th, but that doesn't mean you have to wait that long to file.

Some refunds, especially complex returns or returns that require amendments, may take several months to arrive.

The IRS is asking taxpayers this year to file electronically and carefully review details before filing to avoid mistakes that could delay refunds. The agency will also ask you to: Sign up for direct deposit To get money faster.

How to file your 2023 tax return

The IRS says taxpayers can apply and schedule federal tax payments online, by phone, or using the mobile IRS2Go app.

If you need to find a tax software service to use and your income is $79,000 or less, you can easily find an IRS-approved free filing service. You will need to collect the following information: Income statement (W2 or 1099). Income adjustment. Your current filing status (single, married, filing jointly). and dependency information. If you earn more than $79,000, you can use our free file-fillable form.

If you haven't filed your taxes yet, the IRS prefers to pay you electronically and offers a variety of payment methods, including IRS Direct Pay, which is linked directly to your checking or savings account. Another option is to pay by credit card using the mobile IRS2Go app or through the Federal Electronic Tax System.

How to check your IRS tax account online

An easy way to check all your tax-related details, including your address and payment plan details, is to access your IRS account online. According to the IRS, taxpayers who need to access their adjusted gross income, check the amount of their stimulus payment or child tax credit, or check their estimated tax liability or tax credits can: You can use information from your own account. Accessing your tax return gives you all the records you need if you have a tax problem or missed a payment.

If you have further questions, you can access the IRS' Interactive Tax Assistant for assistance.

If you want to learn more about taxes, see why. Sign up for direct deposit when filing taxes.

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