I did not do my taxes in 2005 or 2006 but, am going to do them this year.... any idea what I will owe?

Question

So I know if I get any kind of return they will take it right? Does anyone know who I can get intouch with to make payments?

Answer 1

First, you should file for both 2005 and 2006 ASAP. If you owe, the longer you wait to pay, the more interest and penalties you owe. If you were entitled to a refund, you can still claim it. Penalties are based on the amount owed, so the don't apply if you are due a refund. The time limit to audit you return (without alleging fraud) does not start until you file. Therefore you want to file as soon as possible.

BTW, with no income information, I can't tell if you were even required to file for 2005 and 2006. If not, and you have any withholding, you are due a refund.

Answer 2

StevenF is correct to a point. If you mean that you did not file returns in 2005 (for 2004) and 2006 (for 2005), then you should do so ASAP.

If you have a refund due on either return, you will get it back with interest. If you owed money for either return, you will have to pay a late filing penalty of 4 1/2% per month, up to a maximum of 25% of the tax owed. You will also be assessed a penalty of 1/2 of 1% per month for late payment of the tax that is owed. In addition, you will be charged interest at an annual rate that is 3% over the short-term Federal rate. The short-term rate is calculated quarterly.

For returns that have a balance due that are filed more than 60 days late, there is a minimum late filing fee that is the smaller of 100% of the tax owed or $100.

Answer 3

First of all, 2006 is not even over yet, so the return cannot be due yet. 2005 is only a few months late, so you can stop the penalties by filing right now. If you normally use a CPA or other paid preparer, bring in your records now before they get involved in the 2006 filing season. If you do your own return, go to Office Depot, Staples or Office Max and get the 2005 turbo tax before the 2006 software comes in. If you cannot pay, file a form 9465 with your return and request an installment payment plan. Don't delay.

Answer 4

First. Each tax year stands on its own. Also, the statue of limitations is three years so right now the IRS is looking at returns that were filed in 2002/2003.

My first suggestion is to go ahead and file the missing returns. Even if you did not have an income in those years file a zero return. At least that way if those returns are ever flagged for audit, you are better off paying penalities and late fees for a one time incident than having to pay interest as well.

Then file a return for the current tax year and everything should be back to normal from here on out.

Answer 5

If you owed taxes for those years, they will take it from this year's return. Just go to www.irs.gov. Good luck!

Answer 6

Steven F gave you the answer. See a tax advisor to determine where you stand.