I never owe. I have always gptten like 1000 dollars back every year. But because I am behind on student payments, they always take it anyways. So for the past 2 years I haven't bothered. I want to file again but what are some repercussions of my past. I don't make that much anyways. I really am a small fish.
2007-01-07 17:12:35 · 8 answers · asked by louie t 1 in Business & Finance ➔ Taxes ➔ United States
You may not have been contacted by the IRS because they probably can see that your return will more than likely result in a refund and so they figure, "Why bother?"
"If he doesn't want his money then we'll keep it."
They will only contact you about a delinquent return if they believe that you will owe a significant amount.
There are many people who do not file refund returns for whatever reason. I am sure many of the more seasoned participants on here have heard stories of people losing thousands upon thousands of dollars in potential refunds because they never filed. Why do they do that? I have two theories. One is that they may have an improper understanding of the tax system or two they may just be way too busy and rich to even really notice or care.
If these tax refunds are going to past due student loans then by all means file them! It decreases your debt. You have three years from the original due date of the return to claim a refund. So the earliest return that you one can do now is 2003 up until April 15th, 2007. Even if you aren't seeing one penny of it just file it so you can relieve some of the other burdens you are under.
Are there other reasons why aren't filing?
If it's just a matter of it being a big hassle to you then consider these two optons:
1. If you (and your spouse if applicable) make less than $52,000 then you may be able to file your return electronically for free through a variety of private companies. If your return isn't too complicated then you will probably find that filing electronically is a breeze. See the link below for more details.
2. If you prefer to meet with someone face-2-face and you made less than $38,000 in '06 then you are qualified to receive free taxpayer assistance from your neighborhood VITA site or local IRS office. Call the IRS at 1-800-829-1040 for the VITA site or IRS office nearest you.
Best wishes...
2007-01-07 21:48:46 · answer #1 · answered by Mr. Zimmer 3 · 0⤊ 0⤋
Keep filing anyway because eventually the student loans will be repaid by you doing that. Just file seperately for each year. Best to go to a place like H&R Block and get them to do it for you. You should check on how much student loans you have to determine when you will start geting the money back but at least you are making a big payment towards it. If you can get a credit card with an amount as large as your student loans you can pay off student loans with the credit card-make lower payments and get back all you overpaid each year. That $1000 each year is a decent saving incentive you can buy a lot or pay alot of bills with that much esp. us small fish.
2007-01-08 09:17:42 · answer #2 · answered by elaeblue 7 · 0⤊ 0⤋
If you do not make enough money to file your income tax according to their regulations you can at least file to get back whatever you paid in, that will go toward the student loan. Go to your nearest IRS office and explain to them why you didnt file. they can get it straightened out for you at no charge to you.
2007-01-08 01:21:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Definitely file ammended returns for each year you missed. Especially if you dont owe anything! Jobs look to see that you file your taxes, and not filing your taxes will ruin you. There is no reason not to file.
2007-01-08 01:22:34 · answer #4 · answered by michael p 4 · 0⤊ 1⤋
If you've gotten notices from the IRS call them and see what kind of a payment arrangement you can make with them........Anything you make is at risk once you owe. If you make under a certain amount they will do you taxes for you free of charge and they can determine if the "debt" (if there is one) can be listed under noncollectible............Interest and penalties accrue and can be overwhelming............CAT
webmaster@bobblesandmore.com
2007-01-08 01:17:49 · answer #5 · answered by Sandi 4 · 0⤊ 0⤋
i didn't file for years but then did and nothing happened but i'm always worried they'll spring it on me later. Only if you wind up a rich mob boss someday. They can pull it out on you.
2007-01-08 01:17:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Since you will get a refund, the feds will give you $1 for interest in addition to your refund.
Don't sweat it.
2007-01-08 01:17:24 · answer #7 · answered by Anonymous · 0⤊ 0⤋
u have maintain new income tax file in new year
2007-01-08 01:27:45 · answer #8 · answered by sanjeev m 1 · 0⤊ 0⤋