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Should a 4868 be filed if the client expects a refund? If a refund is expected and client has none will a penalty be imposed?

swelem
Level 1

Clients spouse passed and she is 92. Last few years clients had refunds. Due to age and other problems spouse needs an extension. Should a -0- 4868 be filed or should we take our chances?

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sjrcpa
Level 15

I'd file it just to be safe.


ex-AllStar

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3 Replies 3
sjrcpa
Level 15

I'd file it just to be safe.


ex-AllStar

View solution in original post

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IRonMaN
Level 15
Better safe than sorry :+1::+1:
ACME Taxes, Tatoos, Tires and Turtles (I've expanded my line of products to better serve you)
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abctax55
Level 15

I would not *take my chances*.  Filing an extension is very easy, and the unknown is very scary. 

I did 2018 projections for a client...no tax, no estimates, all was good.  Until he showed up with 1099-B from his adviser who *re-balanced* the portfolio with consideration of tax consequences to the turn of $ 120,000 capital gains (S/T & L/T).

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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