If I owe taxes from last year and want to file a rapid refund for this year. Can they just take what I owe out of my this years refund or will I have a wait a long time for my refund? I need to get my refund asap.
2007-01-25 12:20:46 · 8 answers · asked by luvsun4 1 in Business & Finance ➔ Taxes ➔ United States
If you owe taxes from a previous year, you might as well save your money and not file for the "rapid refund", since you'll likely get turned down anyway.
The IRS will apply your refund from this year to whatever you owe from previous years, including penalties and interest. If there's anything left over from this year's refund, you'll get it eventually but probably not real quickly.
Good luck.
2007-01-25 13:11:33 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Each year stands on it's own. If you owe for 2007 and have not paid for 2006 you will owe for both years. If you are owed a refund for 2007 when you file, and you have not paid 2006 yet, the IRS will (should) take the refund and apply it against the balance that you owe for 2006. You will get a letter from them indicating they have done this. They will also be able to claim against any state refunds that you are owed as well.
2016-05-24 00:08:42 · answer #2 · answered by ? 4 · 0⤊ 0⤋
They will probably take the outstanding taxes out of your refund. Since this is the case, why are you doing a rapid refund? They charge you interest on your money and the tax Nazis are going to get part of your refund.
Rapid refunds are stupid but in your case it's really dumb..
2007-01-25 13:31:32 · answer #3 · answered by Dizney 5 · 1⤊ 0⤋
If you get a refund this year they will apply it to last years taxes you owe.
2007-01-25 12:28:26 · answer #4 · answered by NAIL BI*CH 2 · 2⤊ 1⤋
More than likely the I.R.S will take last year & this years tax you owe. You will lose or waste money on rapid refund! The I.R.S is pretty good about sticking it to ya! Good Luck
2007-01-25 12:31:14 · answer #5 · answered by Anonymous · 2⤊ 0⤋
If you get a refund this year, the IRS will for sure apply it to your last years taxes, also you might have to pay a late penalty.
2007-01-25 12:34:52 · answer #6 · answered by Hollywood 2 · 2⤊ 0⤋
Yes, they can take it out of this year's refund but you have to call the IRS to have them take care of it and there should be fines and interest payments to be made if you haven't paid yet.
2007-01-25 12:42:24 · answer #7 · answered by Chloe 4 · 0⤊ 0⤋
oops thier going to get you and do not count on a refund any time soon
2007-01-25 12:30:57 · answer #8 · answered by stephen g 3 · 1⤊ 0⤋