An extension gives you extra time to file, but not extra time to pay. After you file an extension, if you owe taxes when you file your return, you might also have to pay penalties and interest on the tax due. The IRS also offers installment agreements for taxpayers who can’t pay their taxes when they are due.

Table of Contents

Do I have to file federal taxes if I don’t owe anything?

The IRS has general filing requirements for most taxpayers. Even if no tax is owed, most people file a return if their gross income is more than the automatic deductions for the year. The primary automatic deduction is the the standard deduction. Its amount will depend on your filing status and age.

Do you have to file extension if you owe money to IRS?

The IRS offers an automatic six-month extension for filing a federal tax return to anyone who asks. The kicker is, you have to ask. If you owe tax money, you still need to pay it by the due date, or you’ll get hit with late payment fees and interest, regardless of whether you file for an extension, but at least you’ll avoid the late-filing penalty.

👉 For more insights, check out this resource.

What’s the penalty for not filing a tax extension?

If you don’t owe taxes or you are getting a refund, the penalty for filing late is $0, so you won’t have a penalty for failing to file or for underpayment. 8  Technically, you don’t have to file an extension application in that case. But what if it turns out that you made a mistake, and you do owe money?

How to check your federal tax extension status?

Checking federal tax extension status 1 If you use the U.S. mail to send your extension, you’ll have to contact the Internal Revenue Service (IRS) to ask about… 2 Currently, you can’t do this on the IRS website. Call the IRS customer service number to determine if your request for… More …

👉 Discover more in this in-depth guide.

Is there a six month extension for taxes?

The standard six-month tax extension allows you to file your tax return after the usual deadline. However, it doesn’t buy you more time to pay any taxes you may owe. That means that if you don’t pay your tax balance by the filing deadline (April 15 in 2020), you’ll get hit with penalty and interest.