A few months ago I recieved a letter from the IRS saying that my tax return from 2004 I had a typo in the federal tax witheld portion of the 1040 and the amount differed from one of my former employer. Now the IRS is saying I owe them $2400 in back taxes.
I was really looking forward to this years refund becuase i am sooooooooooooooooooo broke and need it ASAP. But now when I do my taxes next week I know the IRS automaticlly taxes the balance out leaving me with nothing.
Is there any ANY way at all to get around this issue. Im 27 and financially destitute. If it turns out I need to pay that $2400 I will pay it over time but not right now. Can someone give me help. And also What would a estimated refund be for someone whos single, 27 y.o, and has a business and dependents. I did some calculation and came up with $3200 but I wanted to know if other people thought that sounds right my estimated gross this year was $36,000
2007-01-12 09:58:50 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Call IRS and ask for Taxpayer Advocate, or Problem Resolution Office as I recall there is a provision whereby you can still get refund, if you can show hardship.
2007-01-12 21:12:23 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, unfortunately there is no way to get around it. The IRS will just take the money you would have gotten back immediately. You won't even be notified . You will still get a refund for anything over the $2400 .
It is better that they just keep it anyway. If you let it go , they tack on late fees, penalties, interest and non filing fees. And the fees are insane. The non filing fee is per day that you don't file correctly, late charges and penalties are added yearly and go from the date of your 2004 filing.
It sucks, but that is how it is. The same thing happened to us a few years ago and the penalties and fees have added almost 10,000 to our original amount. . They are still keeping our refund.
2007-01-12 10:15:12 · answer #2 · answered by Jen 6 · 0⤊ 0⤋
You gave nowhere near enough information to estimate a refund. Given you have your own business, you don't want to post half the information required to estimate your refund. As far as the back taxes, you are better off settling with the IRS now and getting a loan for the amount you need. If you can't get a loan, you can't afford not to settle with the IRS.
2007-01-12 10:13:59 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
There's no way to stop the IRS from attaching your refund to settle a debt to them.
And there's no possible way to calculate what you your tax liability or any refund might be without actually doing your taxes. Anyone who says otherwise is strictly guessing.
2007-01-12 10:13:33 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
same
2007-01-12 10:02:14 · answer #5 · answered by zetosboy 2 · 0⤊ 0⤋