Hi,
I am thinking about filing an extension for my New York state tax return. I read here that if I am expecting a refund from NY state taxes, then I do not need to file an extension form, and simply file my full return later, by Oct 17, 2022. Is this accurate information?
I could not find another website with this info, so wanted to confirm this.
Thank you for your help!
True for NY. I have seen that NJ sent taxpayers a penalty notice for not filing an extension, even with a potential refund. I have never seen NY residents with refunds penalized for not filing tax returns on time.
But it is easy to file an extension:
True for NY. I have seen that NJ sent taxpayers a penalty notice for not filing an extension, even with a potential refund. I have never seen NY residents with refunds penalized for not filing tax returns on time.
But it is easy to file an extension:
request for extension does not extend time to pay.
NJ (and IRS) expect you to pay your tax due with extension request.
If you failed to do so, NJ (and IRS) may retract your automatic extension of time.
If you expect a refund, there's nothing to be paid.
You may need an extension for other purposes.
The IRS does not retract an extension if you don't pay, but you begin to pay failure-to-pay penalties as well as interest from the date that your taxes are due.
In New Jersey, if you don't pay at least 80% of the tax that is ultimately due when you file your extension, then you will accrue both failure-to-pay and failure-to-file penalties. It is the failure-to-file penalties that you are typically hoping to avoid when you file the extension - so it's pretty much like you didn't file it if you don't pay at least 80%..