Filing an extension for the first time - need confirmation on the process

Hey everyone, Looks like I'm going to need to file for an extension this tax season - one of my partnerships is going to be sending me a K-1 later than usual. Never had to do this before and want to make sure I'm on the right track: 1. I normally use TurboTax for filing (yeah I know, probably not the most cost-effective choice) 2. From what I understand, I need to estimate what I owe for the extension. Can I just run my current documents through TurboTax to get an approximate amount? 3. Then I file the extension online through IRS Free File or TurboTax, right? Will I receive some kind of confirmation? 4. When I finally receive my K-1 and file my actual return, how do I indicate in TurboTax that I've already paid an estimated amount with my extension? I can't seem to figure this out. 5. Should I be using different software for this situation? Or do I need to hire a tax professional? Thanks for any help! I'm pretty clueless when it comes to this stuff and don't want to mess up.

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18 comments

Zachary Hughes

•8M

You're on the right track! Filing an extension is actually pretty straightforward. When you file an extension, you're only extending the time to file your return, not the time to pay what you owe. That's why estimating what you owe is important. Yes, you can absolutely run your current documents through TurboTax to get an estimate. It's actually a good approach since it will give you a decent ballpark figure. Just be aware that without the K-1, your estimate won't be perfect, so it's usually wise to slightly overestimate if you can. You can file Form 4868 through TurboTax, the IRS website, or other tax software. You'll get a confirmation number or receipt - save this! When you finally file your full return, TurboTax has a section for "payments already made." It's usually in the "Federal Taxes" or "Tax Payments" section, where you can enter the amount you paid with your extension. TurboTax will then credit this against your final tax bill. For this situation, TurboTax should work fine. A tax professional might be overkill unless your K-1 is particularly complex or you have other complicated tax situations.

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Zachary Hughes

•8M

If you underestimate, you might owe interest and possibly a late payment penalty on the amount you underpaid. The interest rate changes quarterly (currently around 7-8%), and the typical late payment penalty is 0.5% per month on the unpaid amount. The good news is the penalty is much less severe than if you didn't file an extension at all, which would be 5% per month! So even if your estimate is off, you're still better off filing the extension. If possible, try to pay a bit more than you think you'll owe to give yourself a buffer. Any overpayment will either be refunded or can be applied to next year's taxes.

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Carter Holmes

•8M

I went through this exact same headache last year with a delayed K-1. Ended up trying multiple solutions before discovering https://taxr.ai which was a game changer for my situation. Their system lets you upload your previous tax documents and will help estimate what your extension payment should be even with missing forms. The tool ran multiple scenarios for my missing K-1 based on previous years' data and gave me a much more accurate estimate than my wild guess would have been. Then when I finally got my K-1 and was ready to file, it guided me through exactly how to account for my extension payment in TurboTax. If you're stuck waiting on partnership documents like K-1s, definitely worth checking out as it specifically handles this extension situation.

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Carter Holmes

•8M

The tool handles complicated tax situations with multiple income sources pretty well. It doesn't just look at last year's numbers but analyzes patterns across several years if you provide that data. You can also manually adjust expectations for any specific partnership if you have inside information about their performance. For predicting K-1 income, it's definitely not just copying last year's numbers. It looks at trends and even incorporates some economic indicators for different business sectors. You're right that it can't perfectly predict partnership performance, but in my experience, it was much closer than my own guesswork would have been. You can also set confidence intervals and it will recommend paying toward the higher end if you want to be extra cautious.

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Angelica Smith

•8M

I have to eat crow here. After being skeptical about taxr.ai in my previous comment, I decided to try it anyway since my CPA ghosted me right before the filing deadline. The system actually did a really good job estimating what my K-1s would look like based on previous years and some basic inputs about the partnerships' performance this year. What impressed me most was how it handled calculating my extension payment - it even factored in the quarterly estimated payments I'd already made, which I completely forgot about! When I finally got my actual K-1s, the estimates were within about 12% of the actual amounts. It also gave clear instructions for how to record the extension payment in TurboTax when I finally filed my complete return. Definitely saved me from panicking during extension season.

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Logan Greenburg

•8M

If you're having trouble reaching the IRS to ask questions about your extension (which I definitely did), I recommend using https://claimyr.com to get through to an actual person. They have a service that basically waits on hold with the IRS for you and calls you when an agent is available. You can see how it works here: https://youtu.be/_kiP6q8DX5c I was skeptical at first, but after spending literally hours on hold myself trying to sort out a question about my extension payment, I gave it a shot. Was honestly shocked when I got a call back with an actual IRS agent on the line. The agent confirmed my extension was processed correctly and helped me understand exactly what I needed to do when I finally filed my full return. Especially during tax season when hold times can be ridiculous, this saved me so much frustration.

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Logan Greenburg

•8M

The service doesn't require any sensitive tax information. You just provide your phone number, and they essentially handle the hold queue for the IRS on your behalf. When an agent comes on the line, you get a call connecting you directly to that agent. They're just solving the hold time problem, not accessing any of your tax details. Regarding skepticism about whether it works - I totally get it! I thought the same thing. The IRS phone system is notorious. But that's exactly why this service exists. They use a system that can handle multiple calls simultaneously and efficiently navigate the IRS phone tree. They can't make the IRS answer faster overall, but they take away the pain of you personally sitting on hold for hours. You just go about your day until your phone rings.

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Lucas Bey

•8M

I need to apologize for my skeptical comment about Claimyr. After my previous attempt to reach the IRS failed again (3 hours on hold before I had to hang up for a meeting), I tried the service out of desperation. I was absolutely shocked when I got a call back about 45 minutes later with an actual IRS representative on the line. I was able to get my questions about my extension filing cleared up in about 10 minutes. The rep confirmed that my extension was processed correctly and explained exactly how to document my extension payment when I file my complete return. Seriously saved me hours of frustration and probably kept me from making a mistake on my taxes. Sometimes you have to admit when you're wrong, and I was definitely wrong about this.

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Harper Thompson

•8M

One thing nobody's mentioned yet - you asked about a receipt when filing your extension. Make sure you save or print the confirmation page after filing Form 4868. For electronic filing, you'll get a confirmation number - write this down somewhere safe! If you make a payment with your extension (which you should), the canceled check or credit card statement serves as additional proof. The IRS also sends an email confirmation if you file electronically through their system. I actually take screenshots of the entire process just to be extra safe. Had an issue once where my extension wasn't properly recorded, and having all that documentation saved me from some nasty penalties.

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Harper Thompson

•8M

I actually recommend keeping extension documentation for at least 6 years, even though the standard recommendation for most tax records is 3 years. The reason is that extension issues can sometimes take longer to surface. Plus, these documents don't take up much space digitally. I create a tax folder for each year with subfolders for "Extension" and "Final Return" and keep all confirmation numbers, screenshots, and payment records organized there. It's saved me more than once when questions came up years later.

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