Information for filing extensions with the I.R.S.

by Guest Thu Feb 17, 2011 12:40 pm

As you know, the $2,400 exemption on unemployment benefits was not carried over for the tax year 2010. Because of this, many people who received these benefits may find themselves owing money when they file their tax return this year.

Here is some helpful information from the Internal Revenue Service on what you should do before the April 18, 2011 deadline for filing your individual return.

1. Be sure to file your Individual Return ON TIME! Failure to do this will add penalty fees, in addition to interest charges. You can find the tax return form you need to use, depending on your circumstances, here:

www.irs.gov

2. Complete Form 4868, Application for Extension of Filing (see below) and return that to the IRS BEFORE April 18, 2011.

3. The late penalty will not be charged if you can show reasonable cause for not paying on time. Attach a statement to your Individual Tax Return (form 1040, 1040A, 1040EZ, etc.) and fully explain the reason for your hardship. Do not attach this statement to Form 4868, Application for Extension of Filing!

Instructions for filing Form 4868, Application for Extension of Filing:

http://www.irs.gov/formspubs/article/0,,id=98155,00.html

Form 4868 - Please see Page 2 for additional information regarding Late Payments

http://www.irs.gov/pub/irs-pdf/f4868.pdf