Turbo tax will not allow me to file electronically because I selected No on Federal filing, but yes on State.
I wanted to use the State refund to pay off some of my Federal taxes I owe. I would like to use form 4868 to extend my tax return to Oct. 15, So I could save enough money to payoff Federal tax. Is this possible?.
That's a great idea, in theory, but unfortunately it won't work.
When you extend your Federal tax deadline, you don't extend the payment deadline. In simple terms - you still need to pay what you owe by April 17th, even if you don't file until October 15th.
I would suggest setting up a payment plan for your Federal taxes until you receive your State refund.
Here's how to do that:
Additionally, the TurboTax software will also not allow a state return to be e-filed before (nor without) e-filing the federal return. You only have the option to either e-file them both together or file federal now and then come back and file state once federal is accepted. Please see here Can I e-file my state return before my federal?