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137,000 Wisconsinites Will File a Tax Extension Today

GRAPHIC: The Internal Revenue Service expects about 137,000 Wisconsinites to file for an extension today. Photo: IRS, U.S. Treasury Dept.
GRAPHIC: The Internal Revenue Service expects about 137,000 Wisconsinites to file for an extension today. Photo: IRS, U.S. Treasury Dept.
April 15, 2014

MADISON, Wis. - As of a few days ago, the Internal Revenue Service (IRS) had received about 73 percent of the 2.8 million individual federal tax returns expected from Wisconsin, and of those, 93 percent were e-filed. But the IRS expects 137,000 Wisconsinites won't make today's deadline.

Marshall Mennenga, owner, Mennenga Tax and Financial, Madison, says those people will have to file an extension.

"But with that extension, if you're going to owe money, predict how much money you're going to owe to your best ability. Then send in the money that you would owe to the Federal - and to the state of Wisconsin - with your extension," Mennenga advises.

The extension gives an extra six months to file the actual federal tax return, he says, and taxpayers also have to file for an extension with the Wisconsin Department of Revenue.

The IRS form is number 4868, and it's easy to get, he says.

"All the forms are online. Just go to www.IRS.gov or Google Wisconsin Department of Revenue. All the forms are there; they're very printable," he explains. "It's just a great system that we have at the present time - everything is available."

It's not that hard for people to figure out how much money they need to send in with their extension, Mennenga says.

"Look at last year's tax returns. Look to see how much the tax liability was last year, and if you had a little better year compensate for that; if you had a little worse year adjust that," he suggests. "And unless there's some real strange circumstances, you're probably going to be real close."

Nationwide, the IRS expects about 12 million taxpayers to file for an extension. It gives taxpayers until Oct. 15 to file a return. If they don't pay what they think they owe with their extension filing, the federal penalty is 5 percent per month on the unpaid balance.


Tim Morrissey, Public News Service - WI