What happens if I don't file my taxes on time? How do I file for an extension?

Alexia Aston, The Oklahoman

The deadline to file a tax return with the Internal Revenue Service is just days away, and you might be wondering, "What happens if I don't file my taxes on time?"

Luckily, there are options for people who don't think they will make the April 15 deadline.

It is not recommended to delay filing with the IRS, however, circumstances may impact a filer's ability to meet the deadline.

What happens if I don't file my taxes on time?

Taxpayers who fail to file their taxes or request an extension by April 15 may be subject to the failure-to-file penalty, according to the IRS, unless there's a reasonable cause.

Tax not paid in full by the original due date of the return may also result in the failure-to-pay penalty unless there's a reasonable cause or the IRS approves a person's application Form 1127, Application for Extension of Time for Payment of Tax Due to Undue Hardship.

Taxpayers who are due a refund will not be penalized for failure to file, but risk losing their refund if a return is filed after the statute of limitations has expired.

According to the IRS, an original return claiming a refund must be filed within three years of its due date for a refund to be allowed in most instances.

How do I get an extension to file my tax return?

You can request an extension through the IRS, which is free.

You'll need basic information, like your name, address, Social Security number, estimated tax liability and payment, if you owe anything.

Regardless of income, individual tax filers can use IRS Free File to request an extension electronically. If you prefer to mail a paper version of the extension, which is Form 4868, make sure it's postmarked no later than April 15.

If you file an extension for your tax return, you'll have until Oct. 15, 2024, to file.

Taxpayers can file a late return without an extension, but you might be charged a penalty for filing late if you owe taxes.

Why might someone ask for an extension?

According to Intuit TurboTax, reasons a person might ask for an extension on their tax return include:

  • Unexpected life events

  • Incomplete documentation

  • Discovering errors on a filing

  • Running out of time

How long does it take to get my Oklahoma tax refund?

How long you wait to receive your tax refund will vary depending on how you filed your Oklahoma taxes, according to estimates from the Oklahoma Tax Commission.

  • If you file online and choose to receive your refund by direct deposit, you'll receive your tax refund in five to six weeks.

  • If you file online and choose to receive your refund by debit card, you'll receive your tax refund in six weeks.

  • If you file by mail and and choose to receive your refund by direct deposit, you'll receive your tax refund in 10 to 12 weeks.

  • If you file by mail and choose to receive your refund by debit card, you'll receive your tax refund in 11 to 13 weeks.

How to file Oklahoma 2023 taxes

Oklahoma state income taxpayers will fill out Form 511, which can be found online at Oklahoma's Taxpayer Access Point.

The Access Point website offers taxpayers the ability to track their refund and answer other questions. Assistance also can be found by scheduling an in-person appointment at Oklahoma's Taxpayer Resource Center at 300 N Broadway in Oklahoma City.

This article originally appeared on Oklahoman: What if I don't file my taxes on time? How do I file for an extension?

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