Form 8868 for 5330 extension

[TPApril]

So things are different and you no longer file Form 5558 to file extension on Form 5330.

Unclear to me that if you don't yet know the amount of lost earnings, how do you enter an amount to pay with Form 8868? Seems it does not accept zero.

[Peter Gulia]

“Extending the time to file does not extend the time to pay tax.”

The instruction for Form 8868 part III line 1b states: “Enter the amount of tax estimated to be due with Form 5330[.]”

Form 5330’s Part II has lines for the tax due, the amount paid with an extension or otherwise before filing the return, and the remaining tax due or overpayment.

This is not advice to anyone.

[Artie M]

I mean under the new rules 8868 extends only the time to file, not the time to pay. If underestimate, probably results in interest, maybe late-payment penalty, though can argue reasonable cause, while overestimate maybe results in a credit or refund.   no authority for this but seems like I would estimate the excise tax conservatively (generally erring high), remit estimated amount, and maybe a short explanation.  That’s assuming can estimate something.  If you truly cannot estimate, seems you can only complete the Form 5330 as quickly as possible and explain why late.  Again likely interest and penalties but again also RC argument.