How to extend your tax filing deadline until October 15, 2021

IMPORTANT:  Although you can easily extend the deadline to file your taxes, this is not an extension of time to PAY taxes.  When you file your return, IRS will determine if you have paid in sufficient taxes through withholding or estimated payments to avoid an underpayment penalty.  To avoid that penalty, you must have paid in during 2020 an amount equal to the tax liability found on Line 16 of your 2019 Form 1040 OR 90% of the tax liability on the 2020 return you will file (whichever is less).  The safe method is to ensure you have paid in 100% of the tax liability on your 2019 tax return.  You can make a payment with your extension request.

There are two methods you can use to extend your return.

Method 1 (electronically file):

E-file Your Extension Form for Free

You can use our software to electronically file your extension.  To get access to that software, please send a request to jim.simpson@mastersofcoin.org .  You can also use Free File to electronically request an automatic tax-filing extension.

  • Filing this form gives you until Oct. 15 to file a return.
  • To get the extension, you must estimate your tax liability on this form and should also pay any amount due.

Estimating the amount due is just an estimate.  If you don’t know, add up all the federal income tax withholding from your W-2s and use that number as your tax liability on Line 4 of the form.  Then use the same number where it requests an amount for tax payments (Line 5).  That will leave you with $0 due (Line 6).  Of course, if you know you are going to owe, increase the amount of tax liability on Line 4 by what you estimate you will owe which will leave an amount due on Line 6.  Then enter the amount you are paying with the extension on Line 7.

Method 2 (mail a paper request):

You can download the Form 4868 (Extension Request) and instructions here: Form 4868 Extension.  Follow the instructions on the form to fill in the few required fields and mail it to the address listed on page 4 of the instructions.  Note there are two different addresses depending on whether or not you are sending a payment.  If you are not sure how to estimate your tax liability, see the instructions above under Method 1.

For help, please email jim.simpson@mastersofcoin.org