If i owed 200$ for my federal tax's but never filed , what kind of penalties am i looking at for when i file

Question

I am going to file this year, im just wondering if they are going to see that i didnt file last year or do i need to file last years sepratly?

Answer 1

The IRS will charge you both interest and penalties on the amount you owe for last year. On a rough (very rough) calculation, you currently owe about $25 in penalties and interest. That's not a lot, but it is over 10% of what you originally owed...

You will need to file a return for last year in addition to a return for this year. You can get copies of the forms from the IRS' webpage.

Answer 2

Depending on rather or not you have any tax write-offs or dependents you may not be penalize at all, But I would contact the IRS.Com and just ask, Better late small fee or Never and a much Larger fee or worse Audit/Garnishment, And this is not what you would want, Handle your business. Take care

Answer 3

In addition to interest they can assess a failure to file fee (I think the max is $100).

Look at lines 23-36 at the following & if you think any of these items apply to you & you overlooked them, maybe you can improve your situation:
http://www.irs.gov/pub/irs-pdf/f1040.pdf

You could take your completed forms to H&R Block & get them to check them for you for free, and ask if there is any way to reduce what you owe.

Answer 4

If you only owe $200, you probably wouldn't be looking at a lot in penalties and interest, as long as you get to them before they get to you.

Answer 5

Contact the IRS before they come knocking on your door (actually they'll send a letter first).

Answer 6

Not that high, but you are looking at jail if you don't file.

Justin James
http://www.globalstaffing.org/

Answer 7

3x the amount and 5yrs in jail !