NOTE: If your taxpayer is due a refund, there is NO need for an extension. They have 3 years to file the return in order to receive payment.
If your taxpayer owes the IRS, they should only be filing an extension if they DO NOT have all the necessary paperwork together to file an accurate return. An extension is only an extension to file, not pay.
Form 4868 doesn’t extend the time to pay taxes. If your taxpayer doesn’t pay the amount due by the regular due date, they’ll owe interest. They may also be charged penalties.
1. Enter all information on the Client Data and all tax forms that you currently have.
2. You will notice the software automatically adds Form 8879 and the Bank App. The 8879 should be a "1" if no forms were entered, or a "4" for Balance Due. The Bank App CANNOT be on the return when doing an extension.
2. Complete all verify errors before adding Form 4868.
3. Add Form 4868
4. If there is an amount in box 4, please skip to step 6
5. If you only entered the taxpayer's basic info and no tax forms, box 4 on Form 4868 will be blank. There will be two verify errors (as seen below) that will remain.
6. Close the verify box, and click your Queue icon
7. Click Next>> on the bottom right
8. Check the box next to Queue Federal Extension, and click Queue below
9. Return to your WIP (Work In Progress Summary), and Transmit to Central Site
10. Click OK along the bottom
11. Click Transmit to finish