Amount Paid with Extension to File Request

Typically, most taxpayers are required to file their tax return and send in an associated payment by April 15 of the year following the tax year at issue. Under certain circumstances, though, the IRS allows for an Extension to File. To receive such an extension, most taxpayers1 must send the IRS a completed Form 4868 by the original due date. That being said, a filing extension does not entitle the requesting taxpayer to delay making a tax payment – the IRS requires the taxpayer to pay at least some portion of his/her tax liability by April 15. Failure to timely make such a payment can trigger late payment penalties and interest.

Line 68 of Form 1040 is the place where taxpayers on extension can remind the IRS of any past payment(s). Any such taxpayer should be certain to list on Line 68 the total amount of prior payments2 made in satisfaction of that year’s tax liability.

1U.S. citizen and/or resident alien taxpayers that (i) live abroad and (ii) expect to qualify for special tax treatment must use Form 2350.
2If any payment was made with a credit or debit card taxpayers cannot include any convenience fees charged by the card company. Such fees may be deductible via Schedule A.

Photo by: Moyan Brenn