If you file Federal Form 4868, you do not need to file a separate California extension.
However, the extension to file does not mean an extension to pay: if you owe any California income tax liability and are unable to file your return, you need to pay any tax due to the California Franchise Tax Board using Form FTB 3519, Payment Voucher for Automatic Extension for Individuals.
If you file Federal Form 4868, you do not need to file a separate California extension.
However, the extension to file does not mean an extension to pay: if you owe any California income tax liability and are unable to file your return, you need to pay any tax due to the California Franchise Tax Board using Form FTB 3519, Payment Voucher for Automatic Extension for Individuals.
What if I have already filed & received refund?
Can I still file form 4868 to have mor time to pay 1/3 Cares Act repayment?
No, if you have already filed your tax return and received your refund, then there is no need to file Form 4868.
Form 4868 is only used to request more time to file a tax return. It does not extend the time for paying any taxes you owe.
Wondering….
Do I have till Oct 15 to make my 1/3 Cares Act repayment?
You have until the due date of your 2020 return, May 17, 2021, to repay any portion of your covid distribution and have it count for tax year 2020. You are not required to repay the covid distributions, but you can. Be sure to enter any 1099-Rs you received before you file. You can file an extension which gives you an extension to file, but not to pay your tax bill. That still has to be done by 05/17/21.
If you need to take money out of your retirement account early due to COVID-19, you can do that penalty free in 2020. Those who qualify as individuals directly impacted by the pandemic will be able to withdraw up to $100k from their retirement accounts without facing the 10% early withdrawal penalty.
You qualify if:
The distribution would be taxed over 2020, 2021, and 2022. You’ll have that time to pay back the funds you withdrew, without the amount impacting that year’s cap on contributions, and if you pay back the amount within that time, you’ll be able to claim a refund on those taxes. @Caseyblue
Are you sure? Was previously given Conflicting info:
@Caseyblue wrote:Not sure I understand.
So if I already filed & received refund, I have until Oct 15 to actually make my 1/3 repayment & do not need to file form 4868 for an extension ?
If you filed then the extension to Oct 15 to make the repayment for 2020 is automatic as long as it is made before Oct 15 and you amend by then.
@Caseyblue What @macuser_22 provided is not in conflict with the other tax experts in this thread. He is right by saying "If you filed the extension". The issue is that you didn't file an extension; you filed the actual tax return. Once the return is filed, the extension is no longer needed. You can't extend an already filed return, but you can amend it.
So you could choose to take out a loan, for example, to pay back whatever portion of retirement loan that you choose, before May 17, and then you may amend. This may be an option for you if you do wish to get the tax benefits and can pay back your loan quickly.
@Caseyblue wrote:
Are you sure? Was previously given Conflicting info:
@Caseyblue wrote:
Not sure I understand.
So if I already filed & received refund, I have until Oct 15 to actually make my 1/3 repayment & do not need to file form 4868 for an extension ?
If you filed then the extension to Oct 15 to make the repayment for 2020 is automatic as long as it is made before Oct 15 and you amend by then.
The timely filing (before the due date) of a tax return is an "Automatic Extension" as defined in tax law and applies to any provisions that refer to the extended due date to take corrective action.
Defined in Internal Revenue Code section
26 CFR § 301.9100-2 - Automatic extensions
Hello @Caseyblue
FYI The so-called "Experts" very often give incorrect answers.
Or oblique responses that don't address the issue at hand.
I don't know which is worse.
If you are still fretting over this, just file the Form 4868.
It will cost you one postage stamp.
@Caseyblue wrote:
???
SEE FOLLOWING RESPONSE BY
Level 15PLEASE ADVISE
I posted the reference to the actual tax law on this. Look it up yourself.