File an extension

Forum|Forum|2 years ago
April 5, 2024
1 reply
32 views

I know this has been covered but I don't see a recent how-to: I have completed my taxes and ready to file but one new investment I made last year won't have their K-1 until September and they are recommending I file an extension. I expect to owe federal and get a refund on one state.

Do I still pay the liability and get the refund if I file the extension?

Also, I don't see "File an extension" on the online version. How do I actually extend?

DoninGA

Level 15

Any taxes owed on the 2023 tax return have to be paid on or before April 15, 2024 to avoid a failure to pay penalty. The extension request is only for filing the federal tax return, not an extension for paying the taxes owed.

Go to this TurboTax website to e-file an extension request - https://turbotax.intuit.com/irs-tax-extensions/

aE17_2Author

Level 4

Thanks, but what about my state refund? I have to file an extension as one K-1 won't be ready and I owe Federal but will be getting a state refund. I know I owe the federal when I extend or by 4-15 but will I get my refund also on 4-15? Or when I file in October?

DianeW777

Level 15

It depends. You can file your state return now by mailing it to receive your refund possibly earlier. You can choose to wait to file your state return until you file your federal return using e-file.

As a reminder an extension of time to file is not an extension of time to pay. That simply means that each day you wait to pay, interest and penalty will continue to accumulate on any underpayment when you file. This does eliminate the late filing fee.

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