Instructions for Filling Out Form 8868

This document provides instructions for Form 8868 (01/2024), an application for an extension of time to file an exempt organization return or excise taxes related to employee benefit plans. It includes a step-by-step guide on completing the form, filing information, and tax payment details.

In this article, we'll provide information on Form 8868 and a step-by-step guide on how to fill it out.

What is Form 8868?

Form 8868 is used to request an automatic 6-month extension of time to file an exempt organization return or excise taxes related to employee benefit plans. It can also be used by the trustee of a trust required to file Form 1041-A or Form 5227 to request an extension of time to file those returns. The purpose of Form 8868 is to allow an exempt organization or a Form 5330 filer to request an extension of time to file their return, covering various types of returns such as exempt organization returns, excise taxes related to employee benefit plans, and trust returns. Important details about Form 8868 include when and where to file, filing information, tax payments, and signature requirements.

Who Must File Form 8868?

Exempt organizations and individuals who require an extension of time to file their exempt organization return or excise taxes related to employee benefit plans need to file Form 8868. This form is essential for those seeking additional time to complete and submit their returns or excise taxes without incurring penalties.

Form 8868 Tax Filing Deadlines and Due Dates

As the provided instructions link does not mention specific due dates for Form 8868, we are unable to provide a bullet point list of different due dates. Please refer to the IRS website or consult a tax professional for information on due dates related to Form 8868.

Form 8868 Late Payment Penalty

If you fail to pay the required tax by the due date, a late payment penalty of ½ of 1% of the unpaid tax may be charged for each month or part of a month that the tax remains unpaid. This penalty cannot exceed 25% of the amount due. However, the penalty will not be charged if you can demonstrate reasonable cause for not paying on time.

Step-by-Step Instructions for Form 8868

Here are the step-by-step instructions for filling out Form 8868:

1. Part I - Identification: Provide the required information about the filer, including the name, address, and employer identification number (EIN).
2. Line 1: Check the appropriate box for the type of return for which you are requesting an extension.
3. Line 2: Enter the tax year or period for which you are requesting an extension.
4. Part II - Automatic Extension of Time to File for Exempt Organizations: Complete this part if you are requesting an automatic 6-month extension for an exempt organization return.
5. Line 3: Check the box if you are a foreign organization with no office or place of business in the United States.
6. Line 4: Check the box if you are requesting an extension for a group return.
7. Line 5: Enter the amount of any tentative tax payment you are making with Form 8868.
8. Part III - Extension of Time to File Form 5330: Complete this part if you are requesting an extension of time to file Form 5330, Return of Excise Taxes Related to Employee Benefit Plans.
9. Line 6: Check the box if you are a foreign filer with no office or place of business in the United States.
10. Line 7: Enter the amount of any tentative tax payment you are making with Form 8868.

Remember to sign and date the form before submitting it.

How to Submit Form 8868

To submit Form 8868, complete the required sections, including Part I: Identification, and either Part II: Automatic Extension of Time To File for Exempt Organizations or Part III: Extension of Time To File Form 5330, depending on the type of return being filed. Sign the form if filing for an extension of time to file Form 5330. Keep in mind that the extension of time to file does not extend the time to pay tax, and any tax due must be paid by the original due date of the return. Electronic filing (e-file) can be used to request an extension of time to file for most forms, except for Form 8870.

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