I didn't file my taxes in 2005, can I adjust that in 2006? How? What should I do?

Question

I didn't file tax papers for my 2005 earnings, mainly because I was new in US and I didn't know much. Also, I was misguided by some people. I worked only one and half month (Nov and Dec) and made only $1005. In other words, my income in the year of 2005 is $1005.

But I am gonna file for this year. Is there any way to adjust that back here? Or will I be fined or something? What should I do?

Thanks in advance.

I am 22, single, permanent resident (NY).

Answer 1

(note: I'm not a tax expert; I'm just giving info from what I've found)

I believe you're generally not required to file unless you make over $5000 in earned salary. I don't think you'll be fined b/c you weren't required to file a return. You won't lose out on your refund if you file that return within 3 yrs of when it was due.

Information on who should file & late filing are in source links (First link leads info & assistance on filing late returns)

Answer 2

If your $1005 was from an employer (and you got a form called a W-2 showing this in January of 2006) then you were not required to file. But look at the W-2, and if it shows any federal income taxes as withheld, then go ahead and file, and you'll get that amount refunded to you. You won't be in any trouble for being late, and there won't be any fines or penalties. But if you don't file, you won't get that money refunded.

If you got a form called a 1099, then you were considered an independent contractor, which would mean that you should have filed, and will owe a little money and a possible penalty for late filing. But you're not going to be in any kind of major trouble over this.

Answer 3

In order to be liable for tax in 2005, you must make more than the sum of the standard deduction and your personal exemption.

In 2005, the Standard Deduction was $5,000 ,and the personal exemption was $3,200. So, if you made income of more than $8,200, you must file a tax return.

However, you had self-employment income greater than $400. You will not pay personal tax, but you do need to pay Self-Employment Tax on the $1,005. You will owe a maximum of $154 (15.3% OASDI-Self-Employment-rate) unless you can offset the $1,005 with business expenses and in doing so, lower your tax liability. Your business income and expenses needs to be reported on Schedule C-EZ and attach a 1040 to that. Again, you will not be liable for personal income tax, but your net income from self-employment is reported on Page 1 of the 1040, and the SE tax is reported on Page 2 of the 1040.

Definitely file for 2005. I used to work for the IRS as a Revenue Agent and it is no joke. You will be slapped with a Failure to Pay penalty, but on $154, the penalty will not be much.

Answer 4

Just file the 2005 tax return. You didn't make enough money to owe taxes. However, if any taxes were taken out, you want to get that money back.

You will have to use the 2005 forms though which you can get at www.irs.gov and www.tax.state.ny.us

Answer 5

No, you deduct resources taxes for the 365 days once you somewhat pay them. in case you paid this in 2008 and itemize for 2008, you could deduct the funds on your 2008 go back once you record it next 365 days.

Answer 6

Of course you can pay later,You might get a penalty for that.Anyhow,talk with a tax-expert and get your papers in shape.UNCLE SAM IS NOT A JOKE regarding taxes.Trust me in this one.

Answer 7

no filing requirement unless your 1k income is from 1099 self employment. then you need to file...

Answer 8

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