What Happens to Your Refund If You File for an Extension?

Have you ever looked at the calendar and realized you need to file your taxes right now, or you’re going to be late? Or have you stared at a growing pile of receipts and known deep in your heart that you are not going to get through it all in time?

Filing for an IRS extension is actually almost as easy as finding the IRS refund charts for 2020, though it does take a little bit more time. If you know you’re going to miss the deadline, you should seriously consider filing an extension, rather than being hit by late penalties and fees.

You Get the Same Refund

A lot of people have the strange misconception that your IRS refund is somehow linked to when you file, but that’s not true. The IRS does not have a sliding scale of how soon you file your taxes versus how much you get.

Your refund is exactly the same whether you file at the end of January, the beginning of April, or ask for an extension into the coming months. You owe the IRS a flat amount of taxes based on your income, period – there is no fluctuation!

It Doesn’t Take Longer to Get Your Money, Either

Looking at the IRS refund charts for 2020, which is an estimation of when you’re going to get your refund back, you can see that the amount of time is roughly the same no matter when you file.

While these numbers are only an approximation, and the IRS truly can do whatever they want, so there is no promise to when you’ll get your refund. But the time from when you submit your tax documents to when you get your money won’t take an exceptional amount of time just because you filed for an extension.

Save Yourself the Fees, File the Extension

The IRS does not play around. File even a day late, and you can kiss those estimations on the IRS refund charts for 2020 goodbye. They will hit you with late fees, hassle you about your return, and more.

It isn’t worth it when filing for an extension is so easy and mostly painless! If you’re not comfortable doing it yourself, you can go to any tax preparation location and they will gladly file it for you… but it’s just a form, you can absolutely file and submit all by yourself if you choose. And save yourself some money, too!