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IRS Has a Reminder for Extension Filers: Electronic Filing

The IRS has an important reminder for taxpayers who filed an extension and face an Oct. 17 filing date: The adjusted gross income (AGI) from your 2014 return may be needed to electronically file a tax return.

You should keep a copy of tax returns and supporting documents for a minimum of three years. Going forward, keeping copies of tax returns is even more important as the IRS makes changes to protect taxpayers and to authenticate their identity.

Extension filers should locate a copy of their 2014 tax return or alternatively, order a tax transcript, a process that may take five to 10 calendar days. The adjusted gross income (AGI) is clearly labeled on both the tax return and the transcript.

For electronic tax returns, we will ask them to electronically sign their returns by using a five-digit, self-selected personal identification number (PIN). In order to authenticate their identities, taxpayers will now also need to enter either of two items: their prior-year AGI or their prior-year self-select PIN and their date of birth. If married filing jointly, both taxpayers must authenticate their identities with this information.

The IRS is phasing out the use of the Electronic Filing PIN, which is no longer available as an alternative except for those taxpayers who had obtained an e-file PIN earlier this year. The IRS emphasizes that those filers may use their e-file PIN for this year only.

Questions? Call TaxRevo.

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