Taxpayers who can show they will have a substantial financial difficulty if they pay their tax on the due date are considered to have an undue hardship. Such taxpayers can request an extension of time to pay by filing Form 1127, Application for Extension of Time for Payment of Tax Due to Undue Hardship, by the due date of the return. Remember, undue hardship is more than an inconvenience.
In order for your application to be considered, you must provide a detailed explanation of the undue hardship that will result if you pay the tax on or before the due date. An extension will not be granted if you provide only a general statement of hardship.
You must attach a statement of your assets and liabilities, and an itemized list of your income and expenses for each of the 3 months prior to the due date of the tax.
Once your request has been reviewed, additional conditions may have to be met.