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I am still waiting on tax forms and the retirement company is dragging their feet. How do I handle this without getting penalized?

 
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2 Replies
jtax
Level 10

I am still waiting on tax forms and the retirement company is dragging their feet. How do I handle this without getting penalized?

The way most people deal with this kind of thing (some investments don't get their info out until late summer) is to make estimates and mock up a return to find out if they will owe tax or get a refund.

 

The estimates are usually not hard. Use your statements showing withdrawal amounts taken in 2023. The December statement might have year to date totals.

 

Armed with that you can file an extension and get until October 15 to file your taxes. Not a big deal.

 

You can do that online for free

 

https://turbotax.intuit.com/irs-tax-extensions/

 

But be careful not to underestimate your tax liability. The extension is an extension to FILE not to PAY. If you owe tax you can pay it with the extension.

 

States have their own extension process. Most do not require filing a form if you file a federal extension and don't owe the state money.

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TomK2023
Employee Tax Expert

I am still waiting on tax forms and the retirement company is dragging their feet. How do I handle this without getting penalized?

You still have time to file - tax deadline is Monday, April 15, 2024.  If your state requires it and you’re filing with TurboTax, there’s a direct link to file an extension when you go to complete your state return (many don't require a separate state extension).

 

An extension gives you until October 15, 2024 to file your taxes instead of the tax deadline of April 15, 2024. You must file an extension by April 15, 2024 to get extra time to file your taxes without a penalty. There's no further extension past October 15, 2024.

 

An extension does not give you extra time to pay your taxes, which are due on April 15, 2024. Even if you can't pay your taxes by the deadline, file an extension anyway so you can avoid the late-filing penalty.

 

You have until 10/15/2024 to file your return after an extension, but you don't have to wait that long, you can file any time before that date.


TurboTax FAQ: How do I file an IRS extension?

 

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