, Answering FAQ'sTurboTax Employee
If you can't file your 2013 tax return by the April 15 deadline (June 17 if you're out of the country), you can:
- Paper-file an extension through the TurboTax CD/Download software; or
- Paper-file an extension by downloading Form 4868 from the IRS website.
No matter which method you choose, the extension will give you until October 15, 2014 to file your income tax return.
Important: Although extensions give you more time to file your return, they do not give you additional time to pay owed taxes. Nevertheless, even if you can't pay owed taxes by then, always file an extension to minimize penalties. More info
Filing your Federal extension
Here are 2 ways to file your federal extension, ranked in order of convenience:
Method 1 – Prepare and mail your extension using the TurboTax CD/download software
- Start by opening your tax return.
- Click Federal Taxes (or Personal if using Home & Business), and then select Other Tax Situations.
- On the Other Tax Situations screen, scroll down to File an Extension and click the Start button to the right.
- Follow the onscreen instructions to complete and print your tax extension on Form 4868.
- Mail your Form 4868, along with any tax payments, to the address provided on the TurboTax screen.
- You can also obtain the correct mailing address from page 4 of the IRS Form 4868 instructions.
Method 2 – Download, print, and mail IRS Form 4868
- Click here to open Form 4868 at the IRS website.
- This is a PDF file that will open in Adobe Reader, which comes pre-installed on most computers. Get the free Adobe Reader
- Complete the blue fields at the bottom of page 1.
- Print the form and the instructions by clicking the "printer" icon or by choosing Print from the File menu.
- Mail your extension to the address on page 4 of the instructions. Extension must be postmarked on or before April 15, 2014.
How do I estimate additional taxes owed?
If you're using TurboTax, complete as much of your tax return as possible to get an estimate of how much, if any, you'll owe this year. The more info you enter, the better the estimate.
Not using TurboTax? You can either use TurboTax Online (it's free until you print or file) or use our free TaxCaster estimation tool.
Either way, don't be afraid to "fudge" missing data for estimation purposes, as the data can be updated or deleted before you file.
For example, if you made $2,000 on a stock sale but you're still waiting for your Form 1099-B, simply enter a stock sale with proceeds of $2,000 and a cost basis of 0. Then, when you receive your 1099-B, you can either update the numbers in TurboTax to match the form, or delete the transaction and re-add it by importing or manually entering the sale.
Seeing red? Amounts in red indicate that you owe that amount, whereas amounts in white or green indicate a refund. A refund amount of $0 means you won't get a refund, nor do you owe money.
If your estimate indicates that you don't owe, we still recommend filing an extension in case your estimate proves to be wrong. Because late-filing penalties are up to 10 times higher than late-payment penalties, filing your (free) extension is cheap insurance indeed!
- E-file your 2013 tax extension with TurboTax Easy Extension
- Important Dates and Deadlines for 2013 Federal Tax Returns
- What if I missed the April 15 filing deadline?
- What if I can't pay my taxes?
- IRS Extended Filing/Payment Deadlines Available for Certain Returns