I haven't filed taxes since 2002. In 2002 my federal return comes out they owe me roughly $1700.00. In turn for the rest of the years up til now I don't have returns for every year due to out of work wiyhout unemployment, so a couple years 2004-2005 I had 0 income but for 2002 and 2003 they owe me money. Are there any repercussions for not filing.
2006-11-27 13:01:04 · 6 answers · asked by smokeyboy4u2c 1 in Business & Finance ➔ Taxes ➔ United States
Wayne Z is right that statute of limitations has expired for 02, and you can still file for 03, but wrong about them paying you interest. You did not file a timely return (April 15th without extension, or October 15th w/extensions), therefore, the IRS does not owe you any interest.
2006-11-28 10:10:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
They are right about refunds expire 3 years after the due date of the return.
As for the other year's returns, file them any ways, even if you had no income. File as soon as possible. Do not forget that your resident state and states you work in also need to be filed. Some states will hold back things on you until you file your returns or pay back taxes owed to them.
For 2004 and 2005 file the 1040 return and report zero income, sign and mail in. This provides notice to the irs that you have had no income.
Do not forget the statue of limitations for audits is 3 years from the due date of the return or the date the return was filed (which ever is later). So if you never file a return, the statue of limitations never starts.
2006-11-28 03:44:56 · answer #2 · answered by dillon Y 3 · 0⤊ 0⤋
I just finished filing multiple years. You will not get a refund for 2002. The limit is 3 years. File 2003 before 4/15/07 and you'll get a refund (if due). If in 2004 and 2005 you had income below the requirement for filing, you don't have to do anything. If you paid any taxes during those years, however, you might be entitled to a refund so you should file anyway.
2006-11-27 17:55:33 · answer #3 · answered by HoneySuite 5 · 0⤊ 0⤋
Each year stands on it's own. If you owe for 2007 and have not paid for 2006 you will owe for both years. If you are owed a refund for 2007 when you file, and you have not paid 2006 yet, the IRS will (should) take the refund and apply it against the balance that you owe for 2006. You will get a letter from them indicating they have done this. They will also be able to claim against any state refunds that you are owed as well.
2016-05-23 15:59:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
2002 - Beyond the statute of limitations. You may file the return but you won't receive the refund.
2003 - The statute of limitations for this year expires 4/15/2007 so you still have a little time and yes, they will pay you a little bit of interest on this one.
The only issues with not filing are when you owe them.
2006-11-27 13:45:43 · answer #5 · answered by Wayne Z 7 · 1⤊ 0⤋
Your 2002 refund is gone. 2003 may be gone as well, since there is a 3 year limit for refunds.
However, if you owe, they will stalk you for life.
The repurcussions for not filing are penalties and interest if you owe.
If they owe you, you'll get maybe $1 in interest...go figure.
If you can afford it, go to Jackson Hewitt and explain your situation.
They got me out of a bigger mess than you are in now.
2006-11-27 13:06:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋