tax extension question for panicky friend

woodstock

woodstock

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Hi

just got a call from a friend who can't find all his W-2s (former CFI from my old school). he knows he is owed money, mainly because he made such a pitiful amount last year. I told him he should file an extension anyway since he may get dinged for not doing so, despite the fact that he won't owe. Just fill in "zero" where it asks how much is owed.

is this correct? thanks.
 
His (former?) employer should be able to provide him with a copy of the W-2. The IRS already has a copy of the W-2s - or they should - the requirement for you to attach them is so the IRS sees that you used the same numbers they're using.

IF you file electronically, you don't have to send in any paperwork at all, not even copies of the W-2s, so he can get the info from his employer and put it in the computer.

http://www.turbotax.com - for simple taxes (even 1040s with itemized deductions) its great. :)
 
And yes, if he does NOT file, he is in SERIOUS trouble - much more so than if he files and doesn't have one of his W-2s. Filing the extention should get him by, but he should call the IRS hotline to be absolutely certain.
 
The extension is automatically granted if the extension request is filed on 4/15. You need not have the W2 in hand, but you must pay all taxes due by 4/15. If, when you complete the actual 1040, you owe additional tax that wasn't paid by 4/15, penalties and interest apply. If you overpaid by 4/15 (and a refund is due to you), then you just submit the extension form with no additional payment.

So, if he's absolutely sure that his withholdings covered all his taxes, then he files the extension form with "zero" additional due. If he's wrong, then he'll owe penalties and interest.
 
cool, thanks all, that is what I figured. whether he does it now is another story. who waits until April 15 to look for their W2s???
 
woodstock said:
cool, thanks all, that is what I figured. whether he does it now is another story. who waits until April 15 to look for their W2s???
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Sorry, if I used the adjectives that come to mind as an answer to this question, I'd be violating the Rules of Conduct on these forums.
 
Especially since, as you say, he's owed money. Man when I'm owed money I have my taxes done ASAP. April 15th is for when you OWE money.
 
Ah taxes... they pay for everything. The sun, the air, and lets not forget the people who just don't feel like working. God bless em!
 
woodstock said:
Hi

just got a call from a friend who can't find all his W-2s (former CFI from my old school). he knows he is owed money, mainly because he made such a pitiful amount last year. I told him he should file an extension anyway since he may get dinged for not doing so, despite the fact that he won't owe. Just fill in "zero" where it asks how much is owed.

is this correct? thanks.
Click to expand...

The link for the form 4868 .pfd is right on the front page of http://www.irs.gov

You have to estimate how much your tax bill is going to be, and report how much tax you've paid. The -0- is appropriate when the second is more than the first.

I just read the fine print on the instructions and took advantage of filing the form 4868 by phone. 1-888-796-1074 That will work until midnight if you filed for 2003.

They only ask for a date of birth to authenticate you. You need the numbers from the form. You get a 10 digit confirmation number.

It says that software like Turbo Tax can efile it.

Either beats joining the rush to the post office. It probably saves Uncle Sam a few pennies, too. ... I wonder. The message from the former tax commissioner on the line says this is the last year for the phone file. How much ya wanna bet they pay a commercial contractor more for the phone file system than it costs for employee to open the envelope and do data entry?

Good luck.
 
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