Is there any penalty or requirements to apply for an extension?

[Kell23elis]

Does an extension increase the chance of an audit?

Any costs for the extension?

When do I need to apply by?

[TomK]

Please read the TurboTax FAQ for information on "How do I file an IRS extension (Form 4868) in TurboTax Online?": How do I file an IRS extension (Form 4868) in TurboTax Online?

For more information - "How Do I Get An Extension on Taxes?": https://turbotax.intuit.com/tax-tips/tax-extensions/how-do-i-get-an-extension-on-taxes/L5ThSke8R

[Kell23elis]

So I still need to pay the taxes owe even if I have an extension? What if my tax return is still incomplete after the deadline? My taxes owe would be incorrect if I had to pay before the April deadline.

[rjs]

Pay your best estimate of the tax that you owe with the extension. You'll settle up for any difference when you file your tax return. If you end up owing a significant additional amount you might be charged a penalty for late payment. The only alternative is to pay the maximum that you could possibly owe with the extension, and plan on getting a refund when you file the tax return.