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Question: Filing a tax extension?

I am in default on my student loans. I talked to the lender today and set up payments for this loan rehab which takes 9 months. They told me not to file my return yet and to file for an extension because by October I will be out of default status and will be eligible for my tax return.

Has anyone ever done this to avoid the IRS taking your return?

Also how long is an extension for? My loan will come out of default status by the end of Oct. and then it takes up to 30 days to update.

Do I have to file state still if I file for an extension on Federal?

Thanks.
Since I entered into this loan rehab and I will have made 4 payments by April, will they still take my refund?

Answer: Generally, the IRS cannot extend the due date of your return for more
than 6 months (October 15, 2009, for most calendar year
taxpayers). However, there may be an exception if you are living
out of the country. See Pub. 54 for more information.

Tax Form for Federal Extension:

http://www.irs.gov/pub/irs-pdf/f4868.pdf

State Extension: Yes you do still have to file an extension for your home state or any other state where you made any income.

See:

http://www.ehow.com/how_2126018_file-ext…

http://www.efile.com/state-tax/state-ext…

http://www.efile.com/tax-day/tax-day.asp

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PHOENIX, AZ–(Marketwire – January 11, 2010) – Schuff Steel Company , through its parent, Schuff International, Inc. ( PINKSHEETS : SHFK ), has qualified for a federal tax credit in the amount of $7,073,316 as part of the American Recovery and Reinvestment Act (ARRA) Section 48C Clean Energy Manufacturing Tax Credit . Schuff Steel, the largest steel fabricator and erector in the United States …

Homebuyers Combine State & Federal Tax Credits for $18,00…

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