What is the IRS Form 4868?

The IRS Form 4868 is an income tax form use for citizens and residents of the United States who wish to apply for extension of time to submit their respective income tax returns. Taxpayers who wish to apply for additional period of time to comply their tax obligations are given 6 months from the original filing due date to furnish their returns to the IRS.

Who is Eligible to Use Form 4868

United States citizens and resident aliens who fall under the following certain conditions can use the form:

• individuals who live abroad
• individuals who work abroad
• individuals who were not able to submit their returns because they were outside the country at the time of the regular tax due date
• individuals who serve in the armed forces assigned in foreign countries

Time Limit and Related Penalties

The federal government allows up to 6 months of time extension to eligible parties who want to use Form 4868. In the event where taxpayers fail to follow the allowed period of extension, they can still file their income tax returns. However, a minimum penalty of 1% up to a maximum of 25% on taxes not paid from the due date can be charged against them.