Comments on: Don’t Forget to File your State Income Tax Extension

By: Financial Samurai

Financial Samurai — Fri, 16 Apr 2010 01:18:48 +0000

Good points Kevin. I know all about K-1′s.. have multiple private equity investments, but they are all sent in by March, so have had no worries.

Filing in 25 states.. wow, must be a rich client nomad!

By: Kevin M

Kevin M — Thu, 15 Apr 2010 17:00:15 +0000

FS – I’m a CPA, here are some reasons I can think of:

1) we have been getting corrected 1099s as late as early April – all depends on what investments people are in.

2) There is also the matter of partnership and trusts who don’t have to have their K-1s out until 4/15. (If you don’t know what a K-1 is, Google it

3) I have a client that files in about 25 states, it is impractical to try to rush through and get it all done by 4/15.

4) A friend of mine donated money to a charity and is getting a state tax credit for it. The state requires the credit documentation to be attached to the return, but he hasn’t received it back from that government agency yet, so we can’t file.

Granted, some people it is laziness, but there are many valid reasons for filing extensions. Not everyone just has a W-2 and bank interest.

By: Financial Samurai

Financial Samurai — Thu, 15 Apr 2010 05:08:28 +0000

Donno why anybody would need to file an extension. Isn’t 3 months long enough from Jan 1st to figure out how to do one’s taxes?

By: Evan

Evan — Thu, 15 Apr 2010 04:08:18 +0000

Someone else’s irresponsibility then caused it lol. How did they mess up your 1099? I’d love to hear about your tax experiences while half way across the world.

By: Craig Ford

Craig Ford — Thu, 15 Apr 2010 03:14:03 +0000

I filed for an extension and none of the three you mentioned applied to me.

Two factors – first I live overseas. While I automatically get an extra 2 month extension I know I will need more time because some of my tax documents are still being sent to me (slow mail). In addition, someone made an error on a 1099 and we are still trying to get that fixed.

By: Evan

Evan — Wed, 14 Apr 2010 20:36:24 +0000

If I had to venture a guess it would be:
1) Irresponsibility

2) There professional life is complicated

3) They know they owe, but don’t have the cash to pay for it right now (I think this probably ties in with 1 and 2).

The people that I know who extend meet one of these.

By: Financial Samurai

Financial Samurai — Wed, 14 Apr 2010 20:22:03 +0000

My curiosity is whether people are so bad in planning their finances, that they need more than 3 months to do their taxes? What are the reasons for extending…. Federal or State… I don’t understand.

By: Evan

Evan — Wed, 14 Apr 2010 16:42:20 +0000

I know NY requires its own paperwork also so I figured most states did – thanks for the insight though. Each of those links gets you to that state’s tax forms so if you don’t see it there, you probably don’t need it lol.

It didn’t take that long since I found a similar site to the one you posted, but tested each link. It took more time to transfer over the code.

By: Evan

Evan — Wed, 14 Apr 2010 16:40:02 +0000

Glad I am helping someone out there!

By: Kevin M

Kevin M — Wed, 14 Apr 2010 16:30:01 +0000

For most states, unless you owe tax, the federal extension is accepted. Or the state is automatically extended if no tax is due.

I know NC requires an extension form even if you file a federal and no state tax is due, but off the top of my head I can’t think of any others.

How long did it take you to look all those up, Evan? Try this too: http://www.sisterstates.com/