Should i file taxes now or ask for extension

[j&ana 363]

I was doing my taxes. and found out I am going to owe a lot more then what I thought I would. I will have to file married filing separate since my wife is still in the Philippines.( I know I could get her ITN number but it is just easier filing separate while she is there) Also I had to take some money out of my IRA while I was in between jobs. which raise my income so my tax is 5000. I know that I can amend the tax return when my wife is here to married filing jointly. that will lower the tax to about 2500

My question is should I pay the taxes now and amend the return later and get the difference from the IRS? Or should I ask for an extension to file taxes and wait until she is here. How long is an extension for? what form is needed?

[novedsac 355]

IRS Form 4868. You will receive an automatic six month extension if you file the extension request by the tax return deadline in April. You will need to substantiate further extensions beyond the initial six months. Don't forget to extend your state income tax return, if you have one.

However, it is an extension to file and not an extension to pay taxes owed. If you owe tax at the time your return is actually filed, then you will need to pay penalties and interest on the portion which was not paid by the tax deadline in April.

Also, if you didn't' have tax withheld when you withdrew from the IRA, then you may also owe penalties and interest for not filing estimated taxes in the quarter the IRA withdrawal was made.

I would pay taxes and estimated penalties/interest owed by the tax deadline in April along with the tax filing extension. Base your tax return on MFJ … you've got six months to at least get an ITIN for your spouse which should be completely doable.

[Ryan H 3,790]

Moved from General Immigration-Related Discussion to Tax & Finances During US Immigration forum.

[j&ana 363]

Thanks, for the advice. that is what I will do, file the extension and pay the taxes for married filing jointly