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bustr
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I’m currently under an extension. I plan on paying my taxes on 11/01/2019. Am I ok?

 
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I’m currently under an extension. I plan on paying my taxes on 11/01/2019. Am I ok?

Taxes owed on a 2018 tax return were due and payable on April 15, 2019.  Filing an extension only extends the time to file an actual tax return, October 15, 2019, not an extension for payment of taxes.

 

Penalties and interest are accruing for the unpaid taxes so you should pay and file your return as soon as possible.  Once the IRS has received the tax return and payment for the taxes owed, they will send you a bill in the mail for the penalties and interest owed.

I’m currently under an extension. I plan on paying my taxes on 11/01/2019. Am I ok?

Not really.  You were supposed to pay your estimated tax due by April 15, 2019.  If you have an extension the extension did not give you extra time to pay.  The extension only gave you extra time to get your documents in order and file the return.  The extension ends on October 15, 2019.  That is also the last day to e-file a 2018 return.  After October 15, online preparation and e-filing for 2018 will shut down.  If your return is not ready to file by then you will need to complete it using downloaded desktop software, and it will have to be printed, signed and mailed.  If you have not paid anything toward your tax due, then you are subject to penalties and interest that began to accrue after April 15, 2019.

 

When you requested your extension you were supposed to pay your estimated tax due.  Did you enter the payment you made into your tax return?  Go to Federal>Deductions and Credits>Estimates and Other Taxes Paid>Other Income Taxes  This will show up on line 17 of your Form 1040

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

I’m currently under an extension. I plan on paying my taxes on 11/01/2019. Am I ok?

If you owe additional tax the IRS will be sending you a bill for late charges and interest starting on April 16, 2019 until the day they actually receive your payment.   They will send a separate bill for that in a few months.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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