Hi everyone! So, I was just wondering about something. If I decide to go military and end up getting deployed, how does the tax stuff work? I've heard about this IRS Form 4868. When and how should I use this form, and what's it for exactly?
Hi there! IRS Form 4868 is actually not strictly tied to military service, but it's definitely relevant when discussing tax matters. The form is an application for an automatic extension of time to file U.S. individual income tax returns. So, if you're deployed and realize you're not going to be able to file your tax return by the deadline (typically April 15th), this form can buy you some additional time - six months, to be exact.
That said, members of the armed forces who are stationed abroad have an automatic 2-month extension to file their tax return without needing to fill out Form 4868. That would give you until June 15th to file if the typical April 15th deadline applies.
However, there are additional provisions for military service members stationed abroad or those serving in combat zones or hazardous duty areas. For example, if you're serving in a combat zone, you can automatically postpone the deadline for filing your taxes until 180 days after your last day in the combat zone.
So, while Form 4868 can definitely be handy if you need an extension, there are also specific military-related conditions that can provide you with an extension. I'd recommend checking out the IRS's Tax Information for Members of the Military guide for more in-depth information.
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