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Info for filing IRS extension

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Info for filing IRS extension

Post by Jobless_in_Ma on Sun Feb 20, 2011 6:50 pm

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

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

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NO break for unemployed on 2010 taxes

Post by Jobless_in_Ma on Thu Mar 03, 2011 8:37 pm

FYI:
Full taxes due on unemployment benefits. This was stripped out last year, no longer do we have the 2400 exemption.

http://www.orlandosentinel.com/features/career/fl-unemployment-benefit-tax-20110302,0,7912766.story

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Re: Info for filing IRS extension

Post by Guest on Thu Mar 03, 2011 8:52 pm

Doesn't matter to me. I only collected about $5,000 worth of benefits.

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Re: Info for filing IRS extension

Post by chopthis91 on Thu Mar 03, 2011 10:48 pm

Such is life...


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Re: Info for filing IRS extension

Post by NY Lady on Fri Mar 04, 2011 8:26 pm

But they did raise the federal deduction from $7200 to $9400...

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Re: Info for filing IRS extension

Post by Guest on Fri Mar 04, 2011 8:56 pm

NY Lady wrote:But they did raise the federal deduction from $7200 to $9400...

It is somewhere in the area of $9,400, but that is across the board to everyone. Last year, the unemployed were given an additional deduction of $2,400 on top of the basic deduction. That was not included in S 4213 that provided the extension of unemployment deadlines for tiers 1 - 4 through the end of the year.

Of course, many of us don't even have to worry about it, the original 99ers didn't make enough to even have to file this year.

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Re: Info for filing IRS extension

Post by exhaustedandtired/1208 on Fri Mar 04, 2011 9:55 pm

If I file for a deadline for filing and send it in before april 15th.. and I don't send any mony with it. Can we still make payment arrangements in Oct when its due! I know they will penalize .5% for each month from april to oct and interest of 4% .. but with an extension filed to allow filing in Oct can one expect to be able to make payment arrangements???

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Re: Info for filing IRS extension

Post by Jobless_in_Ma on Fri Mar 04, 2011 10:16 pm

You can usually make arrangements with the IRS. The key is to contact them and let them know what your situation is.

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Re: Info for filing IRS extension

Post by Guest on Fri Mar 04, 2011 11:11 pm

exhaustedandtired/1208 wrote:If I file for a deadline for filing and send it in before april 15th.. and I don't send any mony with it. Can we still make payment arrangements in Oct when its due! I know they will penalize .5% for each month from april to oct and interest of 4% .. but with an extension filed to allow filing in Oct can one expect to be able to make payment arrangements???

You will not be charge the penalty if you file your regular return and the extension request form. Follow these steps, and you will only owe the interest on the unpaid balance.


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!

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Re: Info for filing IRS extension

Post by wilcal on Wed Apr 13, 2011 2:37 pm

It's tax time again

Remember Unemployment Benefits are taxable. If you
have not paid taxes on your 2010 Unemployment
Earnings you should seek tax advice ASAP. There
are things you can do, legally, that will delay
the penalties. If you do nothing likely nothing
will happen at least for awhile. Then one day
the roof will cave in. The IRS is well aware of
the unemployed's plight and has made provisions
for softening the blow.

You must make an estimate of your potential taxes
for 2011 and send in 1/4th of your estimated taxes
for 2011 by Apr 18. IRS Form 1040-ES explains what
is due and how to pay it. I went through this process
diligently last year and actually got a moderate
tax return. Again if you do not do it likely nothing
will happen then one fine day the roof will cave in.

Seek professional tax advice ASAP, before the 18th.

The 2011 1040-ES form can be downloaded here:

http://www.irs.gov/pub/irs-pdf/f1040es.pdf

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Re: Info for filing IRS extension

Post by mistermunster on Wed Apr 13, 2011 3:34 pm

bump

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Re: Info for filing IRS extension

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