I'm 22 yr's old. And I have never done my tax returns in my life. I was wondering of there was anyway I could.

Question

So what do I do to collect for lost time? How do I get whats owed to me from all those missed years?

Answer 1

If you did not have enough income in those years to be required to file, then you don't have to do anything and aren't in any trouble.

If you had money coming back and didn't file, you can only go back three years and still get your money. The deadline to get 2003 money back is 4/15/07 - for anything earlier than 2003, you're already too late and any refund due to you is lost.

If you owed taxes for those earlier years, then the IRS can still come after you for it. And each year is looked at separately. So if for example you owed $500 for 2001 had a refund of $700 due for 2002, you'd still owe the $500 even though you have forfeited the $700.

To file back returns, go to irs.gov and download the forms you need - click on "more forms and publications" on the first screen, then "previous years" on the second screen.

Answer 2

How long have you had a full-time job? Are you a full-time student? What have your earnings been in the last three years (the last question is rhetorical!)

If you have been a full-time student, you may also have been a dependent of your parents. If that applies, you need to find out before you do anything. Otherwise, your returns will be incorrect.

Are you single? Do you have any children? If the answer to both questions is no, then you don't qualify for EIC, given your age. Do you own your own home or have any investments (including trust income)? Is your only earned income from jobs and do you have a W-2 from each one? If so, your affairs are probably fairly simple.

What I would suggest is getting to a CPA as soon as you can and get 2003, 2004 and 2005 done ASAP. Those two years, plus 2006 are all you can claim refunds for, as a rule. I think a professional is a good idea to bring you up to date. If it turns out your affairs are simple, you may wish to try filing yourself for future years. You may be able to do it for free via irs.gov. Just click on the FreeFile icon.

Most importantly, please do not ignore this necessary chore. If you are due refunds, you have lost refunds for years prior to 2003 (that year will fall out of date on April 16th next year). You will not receive interest on any refunds if you file late, so you have given Uncle Sam a series of interest-free loans for several years. The good news is that you do not owe a penalty for any year in which you do not owe tax.

If you owe, interest and penalties will already be running on all years. Penalties will increase liability by 50% per year (25% for late filing and 25% for late payment). Interest is ongoing and unlimited.

Accountants are about to get busy. I suggest trying to get an appointment before the end of the month. I do not recommend going to H & R Block to get previous years done. I have worked for both Block and CPAs. Block's charges for doing previous years are more expensive than doing a current year return.

Good luck sorting this out. Look at your options and budget some time to get this chore done early in the year. You will feel much better for it, as well as having more money, one way or the other!

Answer 3

I think you can only go back 3 years worth of taxes.

Just fill out the paperwork and file it. No special forms are needed. You have your W-2's and other necessary paperwork, right? You can easily buy the old tax software on eBay for cheap, or you can download the forms and instructions off of the IRS website for those years.

I did that once and was 2 years late filing taxes because I knew they owed me money. They just sent me a check after a month or so, no problem.

If by chance you end up owing them money, file and pay what you compute anyway. You'll probably get hit with some penalties and interest, but at least you'll stop it from getting worse.

Answer 4

go to H & R block and get your taxes done for this year. If the government wants to hear from you they will send you a letter.

If they do send you a letter; do not panic just give them the information they want and see what they say. They are not as hard on people as they once were and if you do owe money you can make payment terms.

Answer 5

If over 3 yrs refund lost forever. Get the others done NOW! irs.gov has the old forms. Better have the W-2s & better know if parents claimed you on thier tax.

Answer 6

If you have been working and didn't pay your taxes, chances are you owe lots of money to the IRS in fines, late fees and penalties. You'd better get your act together and start paying those taxes because you could end up in a federal prison for tax evasion.

The money, by the way, was already sent to them from your employer unless you were self employed, so it's not like they don't know about you. Sometimes it just takes them a few years to catch up to you.

Answer 7

Don't feel bad, I'm 53 and have never done one. I married a CPA and I've never had to. I'd recommend you go to H&R Block. Don't get too far behind, paddling UP the IRS river can be trecherous, and quite unpleasant. Be sure you have a paddle.

Answer 8

Why do you want to lose your virginity beforehand marriage and also you may ward off such friendship Precaution is that he has positioned on a condom yet how will you bear the accountable feeling with your destiny husband

Answer 9

Assuming you don't owe money then you have nothing to worry about. The IRS likes holding your money for as long as possible.

Answer 10

You have to go to H and R block