Tax season 2022: How to file for an extension with the IRS

" tool. You need to submit the form by April 18 or print the form and mail it to the IRS address for your state, making sure it's postmarked by April 18. However, there are pros and cons to requesting an extension.It can give filers more time to thoroughly review a return and take advantage of all the tax benefits, like various deductions and credits available to help reduce liability.

If you owe taxes to the federal government, payments are still due on April 18, which is the deadline this year. The IRS offers someto individuals who are unable to pay the full amount of taxes they owe. The more you pay by April 18, the less interest and penalty charges you’ll owe later. Those who request an extension will be required to estimate their tax liability. If you underpay, you'll be charged the penalty, and if you overpay, you won't get the extra money back until after you file. To calculate tax liability, or the amount owed to the government on 2020 income, individuals must fill out Form 4868. On Part II of the form, taxpayers will enter their expected tax liability, rounding up to the nearest dollar to determine which tax bracket they will likely fall under.

Of course, if you're expecting to receive a refund this year, and you ask for an extension, you won't get that money until you've filed your return. The sooner you file, the sooner you get your refund. As of April 1, the IRS has processed more than 89 million returns and issued more than 63 million refunds worth a collective $204 billion. The average payment so far is about $3,352, much larger than last year's average of about $2,800, though that may change by the April 18 deadline.

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