You have only days to file your 2021 income tax returns or file for an extension. With April 18 being the last date for filing your 2021 tax returns, many Americans are in danger of missing out on the 3rd stimulus check. But if getting your returns ready by then isn’t possible, you have the option of filing for a 6-month extension to complete your tax calculations.
But though it costs nothing to apply for an extension and will give you the essential breathing room, you will be delaying your stimulus check if you are due any amount under the Economic Impact Payment or the 3rd stimulus check.
And you could be due more in your stimulus check refund from the IRS than you had previously thought. The total refunds from the previous year might include the balance of your CTC money, 50% of which was paid in monthly installments between July and December 2021.
Tax authorities advise against seeking an extension unless you do not have your papers ready or are not capable of filing immediately due to illness, travel, and several other unavoidable situations.
Filing For An Extension And Claiming Your Stimulus Check
If you feel that you will not be able to file the tax returns before the April 18 deadline, you will have to submit to the tax authorities Form 4868 either electronically using an e-file or directly before the deadline on April 18.
Please note that you will have to pay part or all of the estimated income tax that is due through either the IRS direct filing system, Direct Pay, or through credit or debit cards while noting that you are filing for the filing extension.
A section of taxpayers gets an automatic extension to file their returns. They include people in federally stated disaster areas or military personnel stationed in combat zones.
You will have to calculate and pay around 90% of what you owe to the tax authorities before the April 18 deadline to evade paying late fees and penalties.
