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jd114
Level 1

Extension for October 15TH?

I was considering an filing for an extension for October 15TH. My goal is to continue contributing to my IRA so I don't owe as much for 2019.  If I file for the extension, am I still required to pay what I owe for 2019 on July 15TH or does this mean I don't have to start paying what I owe until October when I file? If I still am required to pay what I owe by July 15th, their wouldn't be any incentive to get the extension. 

 

Thank you. 

1 Best answer

Accepted Solutions
MinhT1
Expert Alumni

Extension for October 15TH?

The extension is only an extension to file, not an extension to pay your taxes due.

 

With an extension, you are still required to pay your taxes due by July 15. If you do not, you will have to pay penalties and interest.

 

The extension will only you to have more time to prepare your tax return, and also more time to contribute to your IRA and deduct the contribution on your 2019 tax return.

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1 Reply
MinhT1
Expert Alumni

Extension for October 15TH?

The extension is only an extension to file, not an extension to pay your taxes due.

 

With an extension, you are still required to pay your taxes due by July 15. If you do not, you will have to pay penalties and interest.

 

The extension will only you to have more time to prepare your tax return, and also more time to contribute to your IRA and deduct the contribution on your 2019 tax return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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