The individual filing deadline is fast approaching. If you have clients who are still waiting on tax documents, TaxSlayer Pro supports electronic filing of Form 4868 – Automatic Extension of Time to File. As long as an extension is filed by the regular due date of the return, you’ll have an additional six months to timely file. Keep in mind, an extension of time to file DOES NOT extend the time to pay any amount that may be due. An estimate of taxes that will be due when the return is filed must be paid with the extension to avoid late payment penalties and interest.
There are three ways to access the Automatic Extension Application (Form 4868) in the TaxSlayer Pro Desktop program:
- From the main menu, select the 4868 icon at the top of the screen
- From the main menu of the program, select the E-File Menu and then choose Automatic Extension Application (Form 4868)
- From inside a tax return, select 9. Miscellaneous Forms and then select 8. Automatic Extension Form (4868)
To create the extension in the TaxSlayer Pro desktop program, you will first need to enter the SSN for the client. If you have already started the tax return, the personal information from the return will carry over to the extension. After you’ve completed all the required information, the extension will generate in the transmission table. It is important to note: To electronically file an extension you must transmit from the Automatic Extension Application menu. If you got to the Transmit Electronic Return(s) menu, it will send the actual return, not the extension.
In ProWeb, you will access the Automatic Extension Application (Form 4868) from inside the tax return. Once you’re inside the client’s tax return, go to Miscellaneous Forms and choose Application for Extension. One you’re there, complete the information required and click CONTINUE. If your client needs to pay an amount with their extension, please choose Go to Extension Payment first. Once the extension is saved, head on over to the E-file section of the return. The program will give you the option to file the extension or the actual tax return. After you choose to file the extension, it will guide you along the the E-file page.
Once you’ve got the extension transmitted, you can run the Extension Report to verify if it accepted or not.
In Desktop, you will do this by going to the Automatic Extension Application menu and selecting Extension Reports. There you will see a list of different reports you can run, including the Not Accepted Extensions report.
In Proweb, you will access this under the Reports menu. There you will see the Extension Report, which will provide you with all the information for the extensions, including the day it was transmitted.
In order for your extensions to be filed on time, please have them transmitted no later than 11:59 PM on the deadline. If your extension rejects on the filing deadline, you will have 5 days to correct and retransmit it.
For more help with filing or creating extensions, please visit our Knowledgebase and search for Extension.