First of all, I would appreciate it if I can hear from a CPA or Tax expert on this.
I am guilty of not filing my 2005 taxes. The good news is I have a nice refund coming and do not owe money.
I am about to file and would like to know:
1. Will there be a penalty on my refund, and if so what can I expect?
2. Since I will be sending my forms through the mail, do I need to include a letter of some sort or even contact the IRS prior to sending them out OR do I just mail them in??
Thanks.
2007-01-26 09:57:05 · 4 answers · asked by Enlightenme! 2 in Business & Finance ➔ Taxes ➔ United States
Just fill out the forms and mail them in. You don't need to include any letter of explanation. Since it's just last year's, you'll get your refund. Since you don't owe any money, there won't be any penalties.
2007-01-26 14:44:43 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
If you are due a refund, there will be no penalty. Just remember to use the 2005 forms and tax tables. On the outside of the envelope, you could also include "Form 1040 - 2005"
2007-01-26 18:07:51 · answer #2 · answered by crazydave 7 · 0⤊ 0⤋
Just mail your returns. The IRS doesn't want you to call.
There are no penalties if you have a refund. Penalties are a percentage of the amount owed to Uncle Sam.
Enrolled Agent / Tax Advisor
2007-01-26 18:00:11 · answer #3 · answered by WealthBuilder 4 · 0⤊ 1⤋
And you were worried!
2007-01-26 18:31:02 · answer #4 · answered by whitegoddess420 1 · 0⤊ 0⤋