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Form 4868 is used to apply for an extension of 6 more months to file Form 1040EZ, 1040A, 1040, 1040NR-EZ, or 1040NR. Form 4868 is the extension you need to file on April 15th. Form 4868 is an automatic extension. The IRS has gotten rid of the second extension, Form 2688. Form 4868 now extends your return for a full 6 months instead of just 4 months.
Filing Form 4868 does not extend the time you have to pay your tax liability. You should estimate what your tax liability will be and if you believe you will owe taxes when you do file your return, you should send a payment with your Form 4868.
Form 4868 Tax Tips
If you owe money to the IRS, file an extension even if you don't have the money to pay. If you don't file an extension, you are charged an additional penalty of 5% a month. Many people who owe tax on April 15th make the big mistake of not filing an extension because they don't have any money to send in with their extension. By sending in an extension even without any payment, you avoid the large 5% a month late-filing penalty and only have to pay the much smaller late-payment penalty.