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Show me how to: File an extension

With April 15 right around the corner, some students may find they need to file a tax extension with the IRS in order to avoid penalties.

If you are unable to file your federal individual income tax return by April 15 and you believe you will owe money on your return, you may be able to get an automatic six-month filing extension. Estimate your tax liability for the year 2011 using the information you have available.

File IRS extension Form 4868, available on the IRS website, electronically or by mail. You do not have to provide a specific reason for filing the extension.

If you do not pay owed taxes by April 15, according to the IRS site you will pay a 5 percent penalty on the amount due each month to a maximum of 25 percent. There is no late filing penalty if you are due a refund.

If you need help with filing your taxes, the UNM Tax Law Club, a group of UNM students, prepares taxes at no cost to students, staff, faculty and members of the public through April 15. According to the group’s website, student tax preparers are IRS-certified.

Taxpayers should bring the following:

Tax forms and preparation booklet for 2010;
A copy of 2009 income tax return(s);

W-2 forms from each employer;

Unemployment compensation statements;

All 1099 forms, including SSA-1099 form if you were paid Social Security benefits;

All forms indicating federal income tax paid;

Dependent care provider information (name, employer, ID, Social Security number);

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Receipts and canceled checks (or written summary) if itemizing deductions;

Social Security cards or other official documentation for the taxpayer and all dependents.

Free Tax Help
Law School Room 2424

Monday, Tuesday, Thursday 3-6 p.m.
Wednesday 2-6 p.m.
Friday 1-4 p.m.

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