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IRS: You need to take this step to file an extension

The IRS has been a bit lenient compared to normal years when it comes to extensions since the pandemic hit.

irs tax return form with cash from a tax refund

The deadline is Monday, April 18, but you can request an extension by that date.

If you receive an extension it is good until Oct. 17, 2022.

Filing is down this year compared to normal years by around 2 million returns.

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63 million refunds have been issued so far.

April of 2021 had 93 million filers, while April of 2022 only has 91 million.

Around 70 million Americans need to still file a return before Monday.

IRS: What is the tax extension deadline?

How to file an extension with the IRS

You must request your extension by April 18 or you run the risk of receiving a failure to pay penalty.

This penalty is worth 5% of your unpaid taxes.

It could go as high as 25% if you wait too long.

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To file for the extension, you need to fill out Form 4868.

You may also get an extension with the IRS Free File service.

Keep in mind filing and paying taxes owed are not the same thing, you must still pay an estimate of what you may owe by the 18th.

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