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Six-month filing extension

Six-month filing extension

Old Feb 10th 2018, 2:06 pm
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Default Six-month filing extension

All,

My USC wife and I moved to the US last year -- I'm a GC holder.

I'd like to delay filing for six months, since life is unusually busy at the moment, and we have a part-year residency and ACA subsidies to complicate things.

Is there any reason not to do this for both federal and state? (We're in NC.) I'm aware that payment is due by the original date, but I don't anticipate owing any tax for 2017.

Thanks
CF
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Old Feb 10th 2018, 2:21 pm
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Default Re: Six-month filing extension

You say you don't anticipate owing taxes, but are you sure?

It'll probably take you a couple evenings to put everything together on software such as TurboTax.

If you're too busy for even that then send everything to a CPA to figure out.
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Old Feb 10th 2018, 3:48 pm
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Default Re: Six-month filing extension

Nothing wrong with filing a 4868. You'll have to see if NC accepts the extension. The FBAR must also be filed by 15 October 2018.
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Old Feb 10th 2018, 3:55 pm
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Default Re: Six-month filing extension

Originally Posted by chesterton_fan View Post
All,

My USC wife and I moved to the US last year -- I'm a GC holder.

I'd like to delay filing for six months, since life is unusually busy at the moment, and we have a part-year residency and ACA subsidies to complicate things.

Is there any reason not to do this for both federal and state? (We're in NC.) I'm aware that payment is due by the original date, but I don't anticipate owing any tax for 2017.

Thanks
CF
No, there is no reason not to file for an extension, and while you are fairly sure you won't owe tax, you might consider sending say $1,000 payment just to cover the possibility.

That said the penalty is very small, and is a percentage of the tax owed, so if the tax owed is say $500, then the penalty wouldn't be enough to pay for dinner for you and Mrs Fan, and I wouldn't worry about it ..... and I am a tight-fisted Yorkshireman!

We file for an extension most years, and the penalty for us has never more than around $50, ....and for some odd reason , that I have never figured out, most if not all of the penalty is repaid to us around two months after we file our taxes and pay the tax due (usually around $500-$800).
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Old Feb 15th 2018, 1:16 am
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Default Re: Six-month filing extension

Belated thanks for the responses. Making a high estimate of my taxes owed sounds like a good idea. I may end up doing that.

Is there a non-trivial chance that either the IRS or the NC DOR will not accept a request for extension? From what I've read, it seems unlikely.
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Old Feb 15th 2018, 1:58 am
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Default Re: Six-month filing extension

Originally Posted by chesterton_fan View Post
Belated thanks for the responses. Making a high estimate of my taxes owed sounds like a good idea. I may end up doing that.

Is there a non-trivial chance that either the IRS or the NC DOR will not accept a request for extension? From what I've read, it seems unlikely.
Filling out the application incorrectly.
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Old Feb 15th 2018, 4:17 am
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Default Re: Six-month filing extension

Originally Posted by chesterton_fan View Post
.... Is there a non-trivial chance that either the IRS or the NC DOR will not accept a request for extension? From what I've read, it seems unlikely.
It's highly unlikely that a request would be denied by the IRS, and in fact I have no idea why they would bother. Our CPA has always given the impression that an extension request is invariably accepted.
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Old Feb 15th 2018, 12:56 pm
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Default Re: Six-month filing extension

It seems to me that everyone should get an automatic extension this year. IRS just sent me a letter to apologise, they do not yet have any stocks of current 1040, 1040 Instructions, or Schedule B to send out. What?
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Old Feb 15th 2018, 1:49 pm
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Default Re: Six-month filing extension

Originally Posted by robin1234 View Post
It seems to me that everyone should get an automatic extension this year. IRS just sent me a letter to apologise, they do not yet have any stocks of current 1040, 1040 Instructions, or Schedule B to send out. What?
If only there was some magical way to send those documents to you down a phone line, and, say, linked to some sort of automatic mimeograph machine to produce a copy on paper, but that sort of technology is probably decades away!
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Old Feb 15th 2018, 4:40 pm
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Default Re: Six-month filing extension

Originally Posted by robin1234 View Post
It seems to me that everyone should get an automatic extension this year. IRS just sent me a letter to apologise, they do not yet have any stocks of current 1040, 1040 Instructions, or Schedule B to send out. What?
Hey - the President only signed the laws for 2017 just a few days ago. How could the IRS have finished the forms & instructions?
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Old Feb 15th 2018, 5:53 pm
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Default Re: Six-month filing extension

Originally Posted by Cook_County View Post
Hey - the President only signed the laws for 2017 just a few days ago. How could the IRS have finished the forms & instructions?
Were there any retrospective changes to the 2017 tax code? That would be unusual but this President is definitely not one to stick to normalities.
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Old Feb 15th 2018, 6:13 pm
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Default Re: Six-month filing extension

E-filed taxes today, federal return accepted within minutes.
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Old Feb 15th 2018, 6:33 pm
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Default Re: Six-month filing extension

Originally Posted by durham_lad View Post
Were there any retrospective changes to the 2017 tax code? That would be unusual but this President is definitely not one to stick to normalities.
It's not unusual, but it seems to be coming later each year. It was a series of "Extenders" (really - tax loopholes). You, for example, will be interested in Sec. 40304 which extended the classification of certain race horses as 3-year property. I'm not sure what you will do about your stable of polo ponies. The professional tax preparers are up in arms, since with the rush to file by most clients, some returns are now going to have to be redone!

Here's the list with the additional actions to be taken. NOTE the new form 1040SR for seniors - Sec. 41106 (this really could affect you, except for the fact you are an expat):

DIVISION D—REVENUE MEASURES
Sec. 40001. Table of contents.

TITLE I—EXTENSION OF EXPIRING PROVISIONS

Sec. 40101. Amendment of Internal Revenue Code of 1986.

Subtitle A—Tax Relief for Families and Individuals

Sec. 40201. Extension of exclusion from gross income of discharge of qualified principal residence indebtedness.

Sec. 40202. Extension of mortgage insurance premiums treated as qualified residence interest.

Sec. 40203. Extension of above-the-line deduction for qualified tuition and related expenses.

Subtitle B—Incentives for Growth, Jobs, Investment, and Innovation
Sec. 40301. Extension of Indian employment tax credit.
Sec. 40302. Extension of railroad track maintenance credit.
Sec. 40303. Extension of mine rescue team training credit.
Sec. 40304. Extension of classification of certain race horses as 3-year property.
Sec. 40305. Extension of 7-year recovery period for motorsports entertainment complexes.
Sec. 40306. Extension of accelerated depreciation for business property on an Indian reservation.
Sec. 40307. Extension of election to expense mine safety equipment.
Sec. 40308. Extension of special expensing rules for certain productions.
Sec. 40309. Extension of deduction allowable with respect to income attributable to domestic production activities in Puerto Rico.
Sec. 40310. Extension of special rule relating to qualified timber gain.
Sec. 40311. Extension of empowerment zone tax incentives.
Sec. 40312. Extension of American Samoa economic development credit.

Subtitle C—Incentives for Energy Production and Conservation
Sec. 40401. Extension of credit for nonbusiness energy property.
Sec. 40402. Extension and modification of credit for residential energy property.
Sec. 40403. Extension of credit for new qualified fuel cell motor vehicles.
Sec. 40404. Extension of credit for alternative fuel vehicle refueling property.
Sec. 40405. Extension of credit for 2-wheeled plug-in electric vehicles.
Sec. 40406. Extension of second generation biofuel producer credit.
Sec. 40407. Extension of biodiesel and renewable diesel incentives.
Sec. 40408. Extension of production credit for Indian coal facilities.
Sec. 40409. Extension of credits with respect to facilities producing energy from certain renewable resources.
Sec. 40410. Extension of credit for energy-efficient new homes.
Sec. 40411. Extension and phaseout of energy credit.
Sec. 40412. Extension of special allowance for second generation biofuel plant property.
Sec. 40413. Extension of energy efficient commercial buildings deduction.
Sec. 40414. Extension of special rule for sales or dispositions to implement FERC or State electric restructuring policy for qualified electric utilities.
Sec. 40415. Extension of excise tax credits relating to alternative fuels.
Sec. 40416. Extension of Oil Spill Liability Trust Fund financing rate.

Subtitle D—Modifications of Energy Incentives
Sec. 40501. Modifications of credit for production from advanced nuclear power facilities.

TITLE II—MISCELLANEOUS PROVISIONS
Sec. 41101. Amendment of Internal Revenue Code of 1986.
Sec. 41102. Modifications to rum cover over.
Sec. 41103. Extension of waiver of limitations with respect to excluding from gross income amounts received by wrongfully incarcerated individuals.
Sec. 41104. Individuals held harmless on improper levy on retirement plans.
Sec. 41105. Modification of user fee requirements for installment agreements.
Sec. 41106. Form 1040SR for seniors.
Sec. 41107. Attorneys fees relating to awards to whistleblowers.
Sec. 41108. Clarification of whistleblower awards.
Sec. 41109. Clarification regarding excise tax based on investment income of private colleges and universities.
Sec. 41110. Exception from private foundation excess business holding tax for independently-operated philanthropic business holdings.
Sec. 41111. Rule of construction for Craft Beverage Modernization and Tax Reform.
Sec. 41112. Simplification of rules regarding records, statements, and returns.
Sec. 41113. Modification of rules governing hardship distributions.
Sec. 41114. Modification of rules relating to hardship withdrawals from cash or deferred arrangements.
Sec. 41115. Opportunity Zones rule for Puerto Rico.
Sec. 41116. Tax home of certain citizens or residents of the United States living abroad.
Sec. 41117. Treatment of foreign persons for returns relating to payments made in
settlement of payment card and third party network transactions.
Sec. 41118. Repeal of shift in time of payment of corporate estimated taxes.
Sec. 41119. Enhancement of carbon dioxide sequestration credit.
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Old Feb 15th 2018, 6:36 pm
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Default Re: Six-month filing extension

Thanks OAP, I think
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Old Feb 15th 2018, 6:43 pm
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Default Re: Six-month filing extension

Originally Posted by Pulaski View Post
If only there was some magical way to send those documents to you down a phone line, and, say, linked to some sort of automatic mimeograph machine to produce a copy on paper, but that sort of technology is probably decades away!
As a matter of principle, I don't spend my money on paper and ink to print IRS forms. Also, I like to have the 1040 instructions in paper - and I'm certainly not going to print that off myself...
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