What U.S. Individuals Need To Know About 2022 Form 4868?
Every taxpayer in the United States should familiarize themselves with the 2022 Form 4868. If you are required to file 1040 federal income taxes each year, then Form 4868 could be a potentially helpful tax form for you.
Let’s dive into the specifics of this tax extension form 4868.
What is the 2022 Form 4868?
Form 4868 is the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form allows you to apply for a 6-month extension on your personal federal income tax return.
What are the advantages of applying for a 4868 extension?
There are many advantages you obtain through extension. The first is the most obvious, this extension allows you to get additional time to complete and file your income tax return.
Recently, the Treasury Department and Internal Revenue Service have officially announced that the federal income tax filing due date for individuals will be automatically extended from April 15, 2023, to May 15, 2023.
Filing this extension on May 15, 2023, you are able to file six months later, on November 15, 2023. So, if you need more time to get your financial information together, simply file this form, it is a quick and easy way to do so.
Although it is important to note Form 4868 refers specifically to your income tax return, not your income tax payment. Tax payments should still be made to the IRS on the original deadline this year, which will be May 17.
(As the due date falls on a Saturday, file on the next business day).
What Forms does Form 4868 extend?
There are several forms that Form 4868 can be applied to the following:
- 1040,
- 1040A,
- 1040-EZ,
- 1040NR,
- 1040NR-EZ,
- 1040-PR
- 1040-SS
When is the deadline to file this 4868 extension for 2022?
As we discussed above, the current deadline to file your personal income tax return and make payments to the IRS is May 17, 2023. This is also the deadline to file your 4868 extension. If you don’t file your Form 4868 on or before the original deadline of the form you are extending, then it’s too late.
What information is required to complete the 2022 Form 4868?
The good news is that the IRS 1040 tax extension Form 4868 is fairly straightforward, there is not much information required. You will need to have the following information at your disposal when you begin to file.
- Your legal name, address, and SSN/TIN.
- Your tax payment amount, if any.
- The form you are extending.
One of the most important bits of information is actually what the IRS doesn’t require from you, and that’s the reason why you are applying. Form 4868 is an automatic extension. Therefore, you don’t have to provide the reason that you are filing for one. As long as you provide accurate information about your Form 4868, you will likely receive approval from the IRS.
Instructions to complete the 2022 Form 4868?
Form 4868 is a concise form, here are the steps you need to follow to file this form. This is a line-by-line Form 4868 instructions.
Part 1- Identifying information
- Line 1- This is where you should enter your most basic information. Your name, address, including your city, state, and zip code.
- Line 2- Your SSN
- Line 3- Your spouse’s SSN (if you are filing jointly).
Part 2- Income Tax information
- Line 4- provide an estimate of your income tax liability
- Line 5- provide an estimate of your total payment
- Line 6- your total balance due (subtract your payment from your tax liability).
- Line 7- Your payment, or the amount you are able to pay
- Line 8- Check this box if you are out of the country
- Line- 1040-NR filers should check this box to indicate that their return deadline is June 15, 2023.
That’s all there is to it! Just nine lines, and you’re finished.
What if I am out of the country?
There are a few exceptions for those who are out of the country when it comes to filing their income tax returns. US citizens who are out of the country at the time of the original deadline have 2 additional months to complete and file their tax returns. This extends their deadline to June 15, 2023. If individuals need additional time after this, they should file Form 4868 for an additional 4 months to file. To indicate this, filers should check the box on Line 8.
Form 4868 Mailing Addresses for 2022
While filing Form 4868 electronically is a much easier and faster way to get your personal income tax extension, the IRS does accept paper forms by mail. Be aware that there is currently a backlog at the IRS, so it may take some time to get a response when paper filing. If you do choose to paper file, these are the Form 4868 mailing addresses you should choose from based on whether you are including a tax payment or not.
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