Taxpayers who received an extension to file their 2025 federal income tax returns face an Oct. 15, 2026, deadline. But some late filers are still missing tax documents. Others have discovered that they owe more than expected and cannot pay the entire balance.
Neither problem should lead taxpayers to ignore the deadline, according to Jeff Levine, chief planning officer for Focus Partners.
Taxpayers may be able to retrieve information reported to the IRS by requesting a wage and income transcript. Those who cannot pay should still file and explore an IRS payment plan.
Below is a transcript of the interview with Jeff Levine, edited for brevity and clarity.
Why Oct. 15 Matters
Bob Powell: The Oct. 15 extended filing deadline is fast approaching. What should taxpayers know?
Jeff Levine: There are still many people who have not filed their 2025 tax returns, and Oct. 15 is the due date if they requested an extension.
Hopefully, they have all their documents in order. But there are always last-minute questions. Some people still cannot find a form. Others discover that their tax bill is larger than expected and they do not have the money to pay it. Those are two of the most common problems.
How to Find a Missing Tax Form
Bob Powell: What should someone do if a necessary tax form has not arrived?
Jeff Levine: First, contact the company or institution that was supposed to provide it. Ask whether it can send another copy by email or mail. In some cases, the company may be able to provide the necessary information over the phone.
If that does not work, another option is the IRS website. After verifying your identity through the ID.me process, you can request a transcript.
Many people know about the tax return transcript, but the IRS offers several types of transcripts. One is the wage and income transcript.
What a Wage Transcript Provides
Bob Powell: What is included in a wage and income transcript?
Jeff Levine: It is a record of the information the IRS received about you from other organizations. That may include Forms 1099, W-2, 1098, Schedule K-1 and Form 5498.
Those forms should be in the IRS system by this point. You can request the wage and income transcript and download it as a PDF.
It will not look like a copy of the original form. Instead, it provides a line-by-line explanation of the information and the amounts reported. It essentially functions as an equivalent.
Why You Should File Without Paying
Bob Powell: What if a taxpayer discovers that the bill is much larger than expected and does not have enough money to pay it?
Jeff Levine: The very first thing is to file the tax return.
There are penalties for not paying taxes on time, but the penalties for failing to file are worse. The last thing you want to do is avoid filing the return.
It is better to file your return, tell the IRS you owe money and not pay the entire balance than it is to pull the sheets over your head, file later and still owe the same tax, along with potentially larger penalties.
How an IRS Payment Plan Can Help
Bob Powell: If taxpayers owe more than anticipated and cannot pay, can they establish a payment plan? The IRS seems to offer some flexibility.
Jeff Levine: “Generous” might be in the eye of the beholder, but payment plans are available. There are streamlined plans, and taxpayers can often establish them online more easily than they could years ago.
The key is communicating with the IRS. Once the plan is in place, it can help a taxpayer avoid a lien on property, wage garnishment or a continuing stream of IRS notices.
It is better to acknowledge the liability and say, “I know I owe it. I just can’t pay it now. Let’s figure out a way to pay this liability.”
Avoiding the return does not eliminate the tax. It only makes the potential penalties worse down the road.
Why Some Returns Are Filed Late
Bob Powell: Some CPAs appear to use extensions to spread their workload beyond the traditional filing season. Is that common?
Jeff Levine: There is a spectrum of taxpayers and when they file.
People who expect refunds tend to file earlier for an obvious reason: They want their money back sooner rather than later. The early filing season tends to be weighted toward taxpayers receiving refunds, although some taxpayers who owe also file early.
Later in the season, you tend to see more taxpayers who owe money. Some tax preparers also use extensions to spread out their work.
But many taxpayers do not have a choice because they are waiting for one or more forms. Schedule K-1 is often the biggest culprit.
When Schedule K-1 Delays a Return
Bob Powell: Why does Schedule K-1 create delays?
Jeff Levine: Some businesses wait until around Sept. 15 to file their returns. They may not have a Schedule K-1 to send an owner or investor until the business return is complete.
By the time the taxpayer receives the form, it may be mid- to late September. That may be the first time the taxpayer has all the information needed to file an accurate 2025 tax return, even though more than two-thirds of 2026 has passed.
We have a complicated system, Bob. Sometimes it simply takes a while to tally the numbers and provide taxpayers with the information they need to report their income and pay what they owe.
Email your questions about money to [email protected].
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