How to E-File Your Federal Tax Extension Online For Free
It’s almost April 15th, and you haven’t done your taxes yet. Time to file an extension! The IRS automatically grants a 6-month extension, as long as you ask. Websites like FileLater.com will charge you $17.95 to file the form for you. But below are two ways that anybody can e-File for free. Apparently, the only thing keeping these sites in business is lack of education! However, they do have a helpful section on state tax extensions.
Method #1: TaxAct
This is how I did my extension last year. Just sign up with TaxAct and e-file your extension for free through them. You don’t even need to actually use them to file your taxes later. TaxAct is already free for federal taxes with e-File regardless of income*, and is only $13.95 for state returns with free e-File. That’s cheaper than TurboTax or TaxCut, although if you’re already familiar with those programs it may be worth the extra bucks to stick with them.
Method #2: Free File Fillable Forms
Go to the Free File Fillable Forms site (say that 5 times fast) and click on “Start Free File Fillable Forms”. Click “Sign-in” on the top left, and create a new account.
After you’re signed in, click on “Continue” and pick your form. Go with 1040. On the top right, you should see an icon with the label “File an Extension”.
This will bring up Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, a long title for a really short form. You’ll need to estimate your total tax liability for 2008. This form only extends the time to file, not the time allowed to pay. Overestimate your tax liability to avoid penalties. Here is how I estimated my tax liability last year.
You can even request your estimated tax payment to be withdrawn electronically by supplying your bank’s routing and account numbers. For identification purposes, you’ll need your adjusted gross income (AGI) from your 2007 tax return.
* Here are some more free tax filing options, along with any restrictions.
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