We have been through this ITIN number online process; everything is going perfectly alright, until there is an error and your taxes situation crumbles apart. Either you do not receive a form or you lose a receipt. Fret not, in all these cases, the IRS will allow you to file an extension. Once you have this, you will have more time for doing your taxes and sorting out your paperwork. Please note that the extension is only for the paperwork; you still have to pay an estimated tax amount before the deadline. If you are not sure what this is, take help from an accountant.
Documents you require
For filing an extension, you will need the following documents.
- All your personal details such as your address and social security number. If you are not eligible for this, apply for an ITIN Number online. You will also need these details for your spouse and dependants if you are claiming any of them.
- Your tax return of the previous year
- Your estimated tax payments which you have made throughout the year
If your tax situation is the same as last year, you can arrive at tax estimate from your previous return. On the standard 1040 form, your tax liability will be given on line 60. For the 1040A form, it is the 37th line and for the 1040EX form, this is the 11th line.
Subtract your tax payments which you have been giving throughout the year from your last year’s tax liability and mention this amount on the 6th line of your extension form. If you have a balance, you should pay this much to avoid a penalty. If you are paying 90% of your actual tax amount, you will have to bear no penalty or inertest and will just have pay the due amount later on.
Filing a paper extension
On your ITIN number online application, under general circumstances, you have 6 months to file if your extension is approved. This is by the 15th of October. If you are living aboard, you may be granted a longer extension. Use the 4868 form for filing your extension. You can download this form from the IRS website; fill it out and mail it to the IRS by the 15th of April on the address given on their website.
There are many tax software which allow you to file an extension online. Generally, a fee is involved with this. If you want, you can also appoint a tax accountant for this. While filing online, you can pay you estimated taxes to IRS through a check, credit card or transfer the amount electronically. Once again, this has to be done by the 15th of April.
Paying with credit card
As already mentioned, the IRS allows you to pay taxes with a credit card. Just make sure that the card you are using has an acceptable interest rate. Also please note that some credit providers may charge an extra fee for this transaction on your ITIN number online application.
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