WASHINGTON — The IRS has received almost 100 million tax returns so far this year and expects to receive about 35 million more by the April 15 filing deadline. However, about 12 million taxpayers will have requested extensions by the filing deadline, giving them an extra 6 months to file.
Filing this form gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due. By properly filing this form, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 15.