If you requested an extension to file your 2025 federal tax return, October 15, 2026 isn’t a date to overlook. And if you’re still missing a tax form or you’ve just discovered you owe more than you expected, there’s something important to know: you don’t need to have all the money to file your return.
In fact, the IRS recommends filing on time even if you can’t pay the full balance. The reason is simple: the consequences of not filing can be greater than those of not paying the full debt.
What happens if you’re missing a tax form?
It can happen. Maybe you’re waiting for a W-2, a 1099, or even a K-1 that hasn’t arrived yet.
Your first step should be to contact the company or institution that was supposed to provide the document. But if you can’t obtain the information, you have another option: you can request a Wage and Income Transcript from the Internal Revenue Service.
The IRS explains that this document shows information it has received from third parties via forms such as W-2, 1098, 1099, and 5498. You can request it from your online IRS account.
That said: the transcript does not always substitute exactly for the original form and may not include information that hasn’t yet been reported to the IRS.
What if you owe money to the IRS but you can’t pay it?
Here appears one of the most costly mistakes: failing to file because you don’t have money.
Don’t do that.
The IRS states that the late filing penalty can be 5% of the unpaid tax for each month or part of a month, up to a maximum of 25%, though there are rules and exceptions.
The penalty for not paying can also accrue. In general, it is 0.5% of the unpaid tax for each month or part of a month, up to 25%.
Therefore, if you already know you owe taxes, filing your return even if you can’t cover the full amount may prevent the problem from getting bigger.
You can request an IRS payment plan
Not having the money fully doesn’t mean you don’t have options.
The IRS offers short- and long-term payment plans. In certain circumstances you can apply online. For individuals, there is currently an online option to apply for a long-term plan when the combined tax, penalties, and interest is up to $50,000 and the required returns have been filed.
Meanwhile, there’s a practical rule to remember:
If you have a tax debt, pretending it doesn’t exist won’t make it disappear. Interest and penalties can keep increasing while it remains unpaid.
Why can October 15 be especially tricky?
Extensions don’t always come from someone simply wanting to postpone their taxes. Some filers are waiting for information from businesses, investments, or partnerships they need to complete correctly their return.
The financial planning expert Jeff Levine, of Focus Partners, also notes that pending forms can become a last-minute problem. In particular, the Schedule K-1 can arrive after a company files its own return.
That’s why, if you’re in that situation, don’t confuse “I still don’t have all the documents yet” with “I can’t do anything yet.”
The clock is still ticking. And when it comes to the IRS, filing on time can be much less costly than waiting for the problem to resolve on its own.
