How do I file an extension for a 1041?
When must the 7004 be filed?
A 1041 extension must be filed no later than midnight on the normal due date of the return: the 15th day of the 4th month after the end of the tax year for the return. For a calendar year filer, the deadline is April 15. You have a five day perfection period after the IRS rejects a timely filed extension during which you can refile and cure the rejection. See Publication 4163 for further information. We recommend that you e-file at least several hours before the deadline to ensure a timely filing.
How long is the extension?
The 7004 for 1041 is for a 5.5 month extension. If a calendar year return, a 1041 on a timely filed extension is due on September 30th.
How to produce and e-file a 7004:
- Open the return.
- Enter demographic information on screen 1.
- Open the EXT screen (Other Forms tab).
- Select the option Generate an extension.
- Enter the financial and other data required by the 7004. Tentative total tax and total payments and credits carry to the 7004 from the return if that data is available. If that data does not carry, or if you want to override the amounts on lines 6 or 7 of the 7004, use the overrides for those lines. Amounts must appear on those lines for a balance due to be present on the 7004, which is necessary if you intend to make a payment with the extension.
Making a payment with the extension:
- The direct debit option is available. On the PMT screen, choose Yes for federal, enter the banking information and select the 7004 option. This will create a PAYMENT worksheet in view. Also see the Transaction Summary.
E-filing the 7004:
- On the EF Selections screen be sure to select the option Federal 7004 only. Under State E-file Override check the box Do NOT send any states (unless you intend to send a state return or extension).
- Clear any ETD_MSG page errors. View the 1041EF page to confirm that the 7004 will be transmitted.
- Exit the return. Open the EF Return Selector (EF > Select Returns for EF). Confirm that the 7004 alone (unless you are also e-filing a state extension) is listed for the return in the EF Documents column of the EF Return Selector. If so, proceed through the usual steps to select and transmit.
If you intend to paper file the extension, see the table "Where To File" on page 4 of the Instructions for Form 7004.
Notes:
- An extension of time to file does not extend the time to pay taxes due.
- The cutoff time for timely filing of the extensions is midnight local time on the due date of the return. We suggest that you send it a few hours before to ensure a timely filing.
- Drake sends extensions to the IRS as soon as they are received, and a response is received usually within 15 minutes.
- If e-filing a state extension, the PIN screen may need to be completed to allow state extension e-filing (where supported) even if the PIN screen is not required for the federal extension.
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