EDUCATION CENTER
GTT RESOURCES: EXTENSIONS: 1ST EXTENSIONS

See our Updated Trader Tax Center pages.

See our Extension blog article dated March 29, 2012

OLDER CONTENT: There aren't 2nd extensions anymore, the automatic extension is for 6 months.

First read about extensions on our main extension page. Click here.

To learn more about an automatic extension for filing individual income tax returns,

To get blank forms and instructions on filing automatic extensions,

Don't forget about filing your Mark-to-Market Election with your extension,

Click here to learn more about IRS penalties and interest.

Ready for a consultation with a GTT CPA

Automatic extension for filing individual income tax returns

Individuals are allowed an automatic six-month extension to file their income tax returns – i.e., from April 15 to Oct. 15. The application is made on Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return).

Topic 304 - Extensions of Time to File Your Tax Return. Click here for this page on the IRS site.

Topic 301 - When, Where, and How to File. Click here for this page on the IRS site.

Blank Forms & Instructions for the 1st Automatic Extensions

Go to www.irs.gov and search Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). Calendar year corporate extensions are due March 15.

Click on these State Links and go to your home state.

Don't forget about filing your current year Mark-to-Market Election with your Extension

Qualifying traders who want to elect mark-to-market accounting treatment for the current tax year need to do so by April 15th. You can attach the election to your federal extension filing, providing the extension is filed on time. See our book for all the information you need and the election statement to use.

If you are a Preparation client, we take care of all this for you (extensions and MTM elections). By default, we are planning to attach the MTM Election to the extensions of all of our trader clients who do not have MTM for the current tax year. We will consult with you before April 15 about the merits of MTM.