If I filed for an extension and paid money early to avoid a penalty, is that calculated into the return?

 

Retirement tax questions

The payment made with an extension will be included on your tax return.  The tax payment is shown the Form 1040 Line 17 and on Schedule 5 Line 71.

If you used the TurboTax Easy Extension to electronically file the extension request, Form 4868, and make the tax payment with the request, the payment should already entered on your tax return.  Provided you used the same user ID for the 2018 online tax return as was used to use Easy Extension.  You can check to see if the amount is on your tax return by clicking on Tax Tools on the lefts side of the screen.  Then click on Tools.  Click on View Tax Summary.  Then click on Preview my 1040

To enter, change or delete a payment made with an extension request (Federal, State, Local) -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Estimates and Other Taxes Paid
  • On Other Income Taxes, click on the start or update button

On the next screen select the type of extension payment made and click on the start or update button

Or enter federal extension payment in the Search box located in the upper right of the program screen.  Click on Jump to federal extension payment

JPWJR
New Member

Retirement tax questions

I filed an extension for 2018 in Turbo Tax and paid the appropriate amount of taxes. When I opened Turbo Tax this week, the extension payment was preloaded for the correct amount in the other income taxes section.

However, this payment is not showing on my 1040 line 17 nor has a Schedule 5 been generated showing the extension payment. The only tax payments shown are those which came from my withholdings.

I've removed the extension payment, reentered it and updated but still it is not being reflected on the 1040.

For whatever reason, the extension payment is not being "seen".

Obviously, the 1040 shows a tax balance due however with the extension payment, I should have a refund.

Any thoughts?

JPWJR
New Member

Retirement tax questions

I went to the Tax Payments Worksheet and it showed zero for Federal 2018 tax extensions. I manually changed that to the amount I paid and it updated my tax liability from tax due to the appropriate refund due based on the extension payment.

I still don't understand why the system didn't update automatically when I entered the amount of the extension payment.

GabiU
Level 15

Retirement tax questions

Can you send us a sanitized copy of your return? 

 

TurboTax Online​

1. Sign into your online account.​

2. Locate the Tax Tools on the left hand side of the screen. ​

3. A Drop down will appear. Click on Share my file with agent.​

5. This will generate a message that a diagnostic copy will be created. Click on OK, the tax file gets sanitized and transmitted to us.​

6. Please provide the Token Number that was generated onto this response or a private message to me.

 

TurboTax Desktop​

  1. Click into your return. ​
  2. Click Online and select "Send Tax File to Agent". ​
  3. This will generate a message that a diagnostic copy will be created. Click on OK, the tax file gets sanitized and transmitted to us.​
  4. Please provide the Token Number that was generated onto this response or a private message to me. 
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Retirement tax questions

My extension payment will not show up on the 1040 same as these others listed. I did not use the TT tool to pay it but I did pay it using the fed and state webpay sites. What's wrong...again it it seems or still

 

Retirement tax questions

@riverangels

When you requested your extension you were supposed to pay your estimated tax due.  Did you enter the payment you made into your tax return?  Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Retirement tax questions

I did. It shows in the detail pages but does not flow to the return and balance. I just added it to the estimates and at least the balance is correct.

Retirement tax questions

DO NOT just add it to the estimated payments as you will certainly get an IRS letter to deal with later.

 

It must be reported on the Sch 3 line 9 or the IRS computers will not see it correctly.

 

To enter, change or delete a payment made with an extension request (Federal, State, Local) -

  • Click on Federal Taxes (Personal using Home and Business)
  • Click on Deductions and Credits
  • Click on I'll choose what I work on (if shown)
  • Scroll down to Estimates and Other Taxes Paid
  • On Other Income Taxes, click on the start or update button

On the next screen select the type of extension payment made and click on the start or update button

 

Or enter federal extension payment in the Search box located in the upper right of the program screen. Click on Jump to federal extension payment

 

Retirement tax questions

I did that. It appears I had put $1 in as a place holder on one of the pages. I deleted it and manually put the extn pmt on a line for extensions paid and it is now on sched 3 properly. It still would not show up using the extn input screen though and I had already did that. I'm going with this. I think it looks right.