Does Filing an Extension Give Me More Time to Pay My Income Tax Owed?

Usually not without a penalty...

Individual tax returns must be filed by April 15th: unless you file an extension by that date.

If your extension is accepted by the IRS, your return is due by October 15th. But what about the tax that is due on your return: does an extension allow you to pay by October 15th without any consequences?

... No.

An extension does not give you any extra time to pay your taxes. Payment is still due on April 15th. If you don't pay the amount due by then, the IRS will charge you interest on the unpaid balance and could charge you a Failure to Pay penalty. When you send your extension to the IRS, you are expected to reasonably estimate your tax liability for the year AND you must report how much you have paid (in withholdings or Estimated Tax Payments). Be sure that you make a reasonable and accurate estimate... if the IRS determines that you did not, they will consider your extension null and void, and you will then be charged a late filing penalty as well.

If you complete an extension and determine that you will have a liability due when you file your return, you should make every effort to go ahead and send payment with the extension. If you later file your return and discover that you paid too much with your extension, the IRS will issue a refund. Even if you cannot pay the entire balance due as shown on the extension, making a small payment will help to cut down on the amount of interest and the amount of any Failure to Pay penalty.

Should you make a payment, be sure to include that information on your return when you do file: Line 68 of Form 1040, or, Line 44 of Form 1040A, or, Line 10 of Form 1040EZ.

Income Tax Owed