| Author |
Message |
Guest
|
 Posted:
Wed Sep 28, 2005 4:00 pm Post subject:
extension w/ 4868 question |
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|
I asked for a second extension because I moved and lost some
paperwork along the way. Unfortunately, I sort of have to
reverse-engineer a lot of transactions because my bank was
usurped into a larger company and a lot of my records
weren't immediately available. And the bank didn't seem
very responsive, and I don't have weeks to wait for stuff
via snail-mail.
Anyways, the reasons for extending aren't really germane to my
question.
I asked on the form 4868 for an extension until today (Sept.
26 2005) to finish my return. After working all night for 4
or 5 days now, I don't think I can get this done accurately
by my requested date.
They responded with "Approved" on the the 4868 return form.
In the past, they have automatically extended me to October
15th, and usually put a little sticker on the form
indicating such.
This time, it just had "Approved" checked.
So is my due date really today? Did they just forget the
sticker? A good friend of mine requested a similar
extension and got the Oct 15th due date...
If I can't get it done until Tuesday or something, what kind
of penalty do I pay? Will Turbotax understand and calculate
this for me? I just am not sure whether the penalties apply
to a self-imposed due date, or only to IRS hard-dates like
Oct. 15th (assuming extension is in place).
Thanks for any insight anyone can provide,
Confused and taxed-out,
Chris
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<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
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<< Copyright (2005) - All rights reserved. >>
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Herb Smith
Guest
|
| Posted:
Fri Sep 30, 2005 8:00 am Post subject:
Re: extension w/ 4868 question |
|
|
crm0922@rocketmail.com wrote:
| Quote: | I asked for a second extension because I moved and lost some
paperwork along the way. Unfortunately, I sort of have to
reverse-engineer a lot of transactions because my bank was
usurped into a larger company and a lot of my records
weren't immediately available. And the bank didn't seem
very responsive, and I don't have weeks to wait for stuff
via snail-mail.
|
I assume you really mean that you filed Form 2688 to get
your second extension, as Form 4868 expired on August 15,
2005.
| Quote: | Anyways, the reasons for extending aren't really germane to my
question.
I asked on the form 4868 for an extension until today (Sept.
26 2005) to finish my return. After working all night for 4
or 5 days now, I don't think I can get this done accurately
by my requested date.
They responded with "Approved" on the the 4868 return form.
In the past, they have automatically extended me to October
15th, and usually put a little sticker on the form
indicating such.
This time, it just had "Approved" checked.
So is my due date really today? Did they just forget the
sticker? A good friend of mine requested a similar
extension and got the Oct 15th due date...
|
Technically, your due date is the date requested, although
usually taxpayers request Oct 15 to give themselves the
maximum amount of time to complete the return.
| Quote: | If I can't get it done until Tuesday or something, what kind
of penalty do I pay? Will Turbotax understand and calculate
this for me? I just am not sure whether the penalties apply
to a self-imposed due date, or only to IRS hard-dates like
Oct. 15th (assuming extension is in place).
|
Penalties only apply if you had not paid enough tax by the
normal filing date of your return -- i.e. April 15. The
extension is only for FILING your return, not paying the
tax.
In any case, the penalties are outlined on the 2688 form.
The IRS will send you a bill if penalty or interest is due.
I do not think that TT will calculate this for you.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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effi
Guest
|
| Posted:
Fri Sep 30, 2005 4:00 pm Post subject:
Re: extension w/ 4868 question |
|
|
"You are not specific and did not provide enough information
as to which penalties you could be subject to. Penalties
could apply retroactively to April 15th, 2005, or even back
into 2005 if you were required to make estimated tax
payments, for instance."
There is a typo, change the "or even back into 2005" into
"even back into 2004."
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >>
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effi
Guest
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| Posted:
Fri Sep 30, 2005 4:00 pm Post subject:
Re: extension w/ 4868 question |
|
|
comments inserted below
<crm0922@rocketmail.com> wrote:
| Quote: | I asked for a second extension because I moved and lost some
paperwork along the way. Unfortunately, I sort of have to
reverse-engineer a lot of transactions because my bank was
usurped into a larger company and a lot of my records
weren't immediately available. And the bank didn't seem
very responsive, and I don't have weeks to wait for stuff
via snail-mail.
Anyways, the reasons for extending aren't really germane to my
question.
I asked on the form 4868 for an extension until today (Sept.
26 2005) to finish my return.
|
From your comments within this message, it sounds like you
are confusing Form 4868 with Form 2688 (see below).
Form 4868 is an "application for automatic extension" of the
April 15th deadline to August 15th; though the extension is
generally "automatic", meaning it will generally be granted,
the IRS can deny the extentsion for certain reasons.
Extension after August 15th is not "automatic" and requires
IRS approval. This second extension, if approved by the IRS,
is good through October 15th (or the next business day if
October 15th falls on a weekend day or holiday) at the
latest (which is actually Monday October 17th this year,
since the 15th falls on a weekend).
| Quote: | After working all night for 4
or 5 days now, I don't think I can get this done accurately
by my requested date.
|
Assuming no additional facts in your case, and assuming the
IRS approved an extended due date of September 26th, 2005,
your return is already delinquent and should be prepared and
filed "immediately" to minimize any penalties and interest.
| Quote: | They responded with "Approved" on the the 4868 return form.
In the past, they have automatically extended me to October
15th
|
There is no "automatic" extension for any date after August
15th (see above).
Also, the IRS does not notify you if they approve Form 4868,
only if they deny it will they notify you.
It's sounding more like you are confusing Form 4868 for Form
2688 and they approved a Form 2688 extension for you to file
until September 26, 2005.
| Quote: | and usually put a little sticker on the form
indicating such.
This time, it just had "Approved" checked.
So is my due date really today?
|
Sounds like your due date was September 26th. If so, your
return is now delinquent.
| Quote: | Did they just forget the sticker?
|
Sounds like no, they approved it, as checked.
| Quote: | A good friend of mine requested a similar
extension and got the Oct 15th due date...
If I can't get it done until Tuesday or something, what kind
of penalty do I pay? Will Turbotax understand and calculate
this for me?
|
Relying on TurboTax could be a mistake and may not provide
you the accurate amounts for penalties and/or interest.
The IRS should calculate any penalties and interest for you
once the return is filed and should notify you by mail of
such.
| Quote: | I just am not sure whether the penalties apply
to a self-imposed due date,
|
You are not specific and did not provide enough information
as to which penalties you could be subject to. Penalties
could apply retroactively to April 15th, 2005, or even back
into 2005 if you were required to make estimated tax
payments, for instance.
| Quote: | or only to IRS hard-dates like
Oct. 15th (assuming extension is in place).
Thanks for any insight anyone can provide,
|
You may wish to consider enlisting the services of a
professional (eg. CPA, etc.) to assist you with your tax
matters.
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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| Back to top |
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Guest
|
| Posted:
Thu Oct 27, 2005 8:00 am Post subject:
Re: extension w/ 4868 question |
|
|
Thanks all for the help.
Yes, I misspoke when I said Form 4868, I mean the 2688 form
had been approved for the date I requested.
However, I called the IRS and they assured me that my due
date was Oct. 17th (due to the weekend), so I wrapped it up
in time for that due date.
I knew back in April that I wouldn't owe anything, and I had
quite a bit of tax that I applied to 2004 from 2003, so even
if I owed something I knew I would be covered. I should
have pointed that out.
Thanks again,
Chris
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
|
| Back to top |
|
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effi
Guest
|
| Posted:
Fri Oct 28, 2005 8:00 am Post subject:
Re: extension w/ 4868 question |
|
|
<crm0922@rocketmail.com> wrote:
| Quote: | Thanks all for the help.
Yes, I misspoke when I said Form 4868, I mean the 2688 form
had been approved for the date I requested.
However, I called the IRS and they assured me that my due
date was Oct. 17th (due to the weekend), so I wrapped it up
in time for that due date.
I knew back in April that I wouldn't owe anything, and I had
quite a bit of tax that I applied to 2004 from 2003, so even
if I owed something I knew I would be covered. I should
have pointed that out.
|
Did you get the IRS' "assurance" that your "due date was
Oct. 17th" in writing?
The IRS' rating on getting call in questions answered
properly was around 70% last time I checked.
If not, your extended due date was 9-26-05, per the
documentation.
Remember the old adage "If it ain't in writing, it didn't
happen."
<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2005) - All rights reserved. >>
<< ======================================================= >> |
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