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If you deferred paying part of your 2020 Social Security tax liability due to COVID-19 relief efforts, you don’t have much time left to pay the rest. The IRS this week issued a reminder that ...
On line 6, select the amount of tax you want withheld from Social Security payments. The choices are 7%, 10%, 12% or 22% of the payment amount. You’ll only need to fill out line 7 if you want to ...
Using your online tax software, or the Free File program offered by the IRS, obtain and fill out IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
Considering whether to file an extension for the 2010 tax year with Form 4868. An automatic extension until October 15 to file Form 1040 can be obtained by filing Form 4868. There is a penalty for not filing a tax return by April 15 that depends on whether the individual got a filing extension and the amount of unpaid taxes.
To calculate an underpayment penalty, the IRS then multiplies the amount of unpaid tax by the quarterly interest rate. This calculation is done for the period from the return’s due date until ...
Don't panic if you can't file your taxes by April 15 (May 17th in 2021). The Internal Revenue Service regularly grants extensions to people who need more time. Even though taxpayers commonly need a...
If you filed an extension and you don’t file your return by Oct. 15, your penalty and interest calculations are grandfathered back to the original April 15 due date for 2024 tax returns. Filing ...
You can also have federal tax automatically withheld from your Social Security benefits by filling out Form W-4V or calling the IRS toll-free number at 800-829-3676.