Need more time to file taxes in Kentucky? Requesting an extension is easy
The deadline to file your taxes with the Internal Revenue Service is April 15, 2024. That's on a Monday this year and will be here before we know it.
If you need more time to prepare either your federal or state tax returns, requesting an extension is simple. Here's what you need to know.
What's the new deadline to file taxes if I get an extension?
If you request an extension with the IRS, you'll have until Oct. 15 — an additional six months — to file your return. That doesn't buy you more time to pay your taxes, however. You'll still have to pay any amount due to avoid penalties, but you'll have more time to complete your tax forms.
If you need an extension to file your state returns with the Kentucky Department of Revenue, you'll have until Oct. 15, 2024, after the request has been submitted to file your documents and pay any outstanding balance due. According to the Kentucky DOR, if you get a federal extension, you automatically have an extension to file with Kentucky. Just be sure to attach the federal form (Form 4868) with your state return before the April deadline.
What happens if I miss the tax deadline?
If you fail to file your federal tax return on time, the standard penalty is a whopping 5% of any tax due for every month the return is late, up to 25% of the unpaid balance. If you file a return but fail to pay any taxes you owe, or if you get an extension, you typically face a much smaller monthly penalty of 0.5% of any unpaid amount.
Does it cost extra to file an extension on taxes?
There's no penalty for filing a tax extension with the IRS, but not paying the full amount owed can lead to charges on the unpaid balance. In Kentucky, the extension to file your paperwork doesn't grant you an extension to pay your taxes. You can rack up penalties and interest otherwise.
How do I request an extension to file taxes with the IRS?
If you're an individual tax filer, you can use the IRS Free File regardless of your income to electronically request an automatic tax-filing extension. You'll need to fill out Form 4868 and submit it to the IRS before the April 15 deadline.
Some exemptions do exist if you're a U.S. soldier serving in a combat zone, living outside the U.S., or qualify for tax relief in a disaster situation.
How do I request an extension to file taxes with the state of Kentucky?
If you're requesting more time to file only your state tax returns, you can request an extension at the Kentucky DOR's website. After providing your taxpayer information, you'll have access to Form 740EXT, which can grant you the extension.
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John Tufts covers trending news for the Indianapolis Star. Send him a news tip at JTufts@Gannett.com.
This article originally appeared on Indianapolis Star: How to request a tax extension with the IRS or state of Kentucky
