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Level 1
December 7, 2019
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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?

  • December 7, 2019
  • 3 replies
  • 29 views

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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Best answer by sjrcpa

I'd file it just to be safe.

3 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

I'd file it just to be safe.

The more I know the more I don’t know.
IRonMaN
Level 15
December 7, 2019
Better safe than sorry :+1::+1:
Slava Ukraini!
abctax55
Level 15
December 7, 2019

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).

HumanKind... Be Both