Will You Need More Time to File Your Taxes in 2024? Here's How to Get an Extension

The deadline to file your tax return for the 2023 tax year is April 15, 2024, which is rapidly approaching. However, there are plenty of legitimate reasons why you might not be ready to file by that date. Maybe you're still waiting for some of your tax documentation to arrive. Or maybe you found errors on your W-2 or other documents, and it will take longer than a few weeks to get them fixed, just to name a couple of potential scenarios.

Whatever your reason may be, you aren't alone. Millions of Americans need extra time to file their taxes every year, and there's no reason to believe that 2024 will be any different.

Fortunately, filing a tax extension can get you an additional six months to file, and if you've never done it before, you might be surprised at how easy the process is. However, even though the process is easy, there are a few important things you need to know.

What an extension does (and doesn't do)

As mentioned, a tax extension gives you an additional six months to file your tax return. And if six months from April 15 falls on a weekend or holiday, the extended tax deadline will be the next weekday. In 2024, that isn't the case, so if you file a tax extension with the IRS, you will have until Oct. 15 to file your tax return.

However, it's equally important to point out what a tax extension doesn't do. A tax extension gives you more time to file your taxes, but it doesn't give you more time to pay any money that you owe the IRS.

Of course, if you're expecting a tax refund, this isn't an issue. But if you expect to owe the IRS money when you file, you're required to use your best estimate of how much you'll owe and pay this amount along with your extension (or at least before the April 15 regular tax deadline). If you don't pay the balance you owe before the regular deadline, you may owe interest and penalties when you eventually file your tax return -- even with an extension in place.

Now, even if you can't pay what you think you'll owe, still file an extension. And if you can't pay even when the extended tax deadline rolls around, still file your tax returns. The penalty for failing to file is 10 times more than the penalty for failing to pay what you owe, and there are payment plans available, so under no circumstances should you not file your tax return or an extension by the deadline if you owe the IRS money.

How to request a tax extension in 2024

You can request a tax extension by filing IRS Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. This is an extremely short form (it takes up about one-third of a single sheet of paper), and you can mail a paper copy to the IRS.

Alternatively, you can file the form electronically with your preferred tax preparation software, and doing so is generally a quick and easy process.

Finally, you can also request a six-month extension by simply paying your estimated income tax due and indicating that the payment is for an extension (such as by writing it in the memo line of a check).

What about your state taxes?

It's also worth noting that you might have to file a separate extension for your state income taxes, depending on where you live. Many states accept the federal extension as an extension for state tax purposes as well, although some states require you to use a separate form, especially if you owe money. Check with your state's department of revenue (or whatever the taxation authority is called) for the rules that apply to you.

Is a tax extension a smart move for you?

A tax extension can be a valuable financial tool if you need more time to file your tax return in 2024, as long as you're aware that it isn't an extension of the time you have to pay what you owe. If you choose to file an extension, the form must be submitted by the regular April 15 tax deadline, so be sure you get it to the IRS promptly.