What Is the October 15 Tax Deadline?

October 15 is a key date in the annual tax calendar for many individuals and businesses. While April 15 is the primary tax filing deadline, October 15 serves as the extended deadline for those who needed more time to prepare federal income tax returns. Understanding these obligations is important for tax compliance. This date encompasses not only individual tax filings but also other significant financial reporting requirements.

The Primary October 15 Deadline for Individuals

For individual taxpayers, October 15 is primarily the extended deadline for filing Form 1040, the U.S. Individual Income Tax Return. This applies to those who requested an automatic six-month extension using Form 4868 by the original April 15 deadline. This extension grants additional time to file the return, but it does not extend the deadline for paying any taxes owed. Any tax liability for the previous year was still due by the original April 15 date.

Failing to file your tax return by the extended October 15 deadline can result in a failure-to-file penalty. This penalty is typically 5% of the unpaid taxes for each month or part of a month the return is late, capping at 25% of the unpaid tax. A minimum penalty may apply if the return is more than 60 days overdue, which can be a significant amount. Even if you cannot pay the full amount, filing on time is advisable to avoid this penalty.

A failure-to-pay penalty may also be assessed if taxes were not paid by the original April 15 deadline. This penalty is generally 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid, also capped at 25%. If both penalties apply, the failure-to-file penalty is reduced by the failure-to-pay penalty, so the combined monthly penalty does not exceed 5%. Interest is also charged on any unpaid tax and penalties from the original due date until the balance is fully paid.

Other Important October 15 Tax Deadlines

Beyond individual income tax returns, October 15 marks other significant deadlines. Other important filings are due on October 15.

October 15 is also the deadline for the Report of Foreign Bank and Financial Accounts (FBAR), or FinCEN Form 114. For U.S. persons with a financial interest in or signature authority over foreign financial accounts exceeding an aggregate value of $10,000 at any point during the calendar year, the FBAR must be filed. Although the original FBAR due date is April 15, filers receive an automatic extension to October 15.

The October 15 date also applies to certain extended business tax returns. For calendar-year corporations filing Form 1120 (U.S. Corporation Income Tax Return) and some trusts and estates filing Form 1041 (U.S. Income Tax Return for Estates and Trusts), if they filed for an extension by their original due dates, their extended filing deadline is October 15.

Completing Your Extended Tax Return

Preparing your extended tax return accurately requires gathering all relevant financial documentation from the entire tax year. This includes income statements like Forms W-2 from employers and various Forms 1099. If you have investments in partnerships or S corporations, you will also need Schedule K-1 forms. Other income sources, such as rental income or business earnings, require detailed records.

Thorough documentation of deductions and credits is also necessary to ensure you claim all eligible tax benefits. This may include records for mortgage interest paid, student loan interest, charitable contributions, and medical expenses. Organizing these documents before preparing your return can streamline the process and prevent oversights.

Submitting Your Return and Payment

Once your extended tax return is complete, you have several methods for submission, along with options for making any outstanding tax payments. Electronic filing, or e-filing, is a widely used and efficient method, allowing you to submit your return through tax software or a tax professional. E-filing offers benefits such as quicker processing and confirmation of receipt.

If you prefer to mail a paper return, ensure you use the correct IRS mailing address, which varies by location and whether you include payment. Obtain proof of mailing, such as a Certified Mail receipt, to confirm timely submission. Electronic payment options include IRS Direct Pay, EFTPS (which requires enrollment), or credit/debit card payments through approved third-party processors (fees may apply).

For those paying by check or money order, make it payable to the “U.S. Treasury.” You should include your name, address, Social Security number (or Employer Identification Number for businesses), the tax year, and the related tax form number directly on the payment. It is recommended to include a Form 1040-V payment voucher with your check, but avoid stapling the payment to your return.