was told you could wait up to three years for filing. how does that work? do you have to claim both incomes every year?
2007-01-28 03:15:56 · 6 answers · asked by lisa h 1 in Business & Finance ➔ Taxes ➔ United States
Once you are married you have to report both incomes regardless of how recent you were married.
2007-01-28 03:23:23 · answer #1 · answered by kindfirez 3 · 1⤊ 0⤋
Yes you have to claim both incomes on a joint return.
The person who told you that you could wait three years is wrong - your return is due by April 15, this year April 16 since the 15th is a Sunday, 17th in states where the 16th is a legal holiday.
They were probably referring to the provision that if you have a refund coming, you can still get it as long as you file within three years of the original due date. If you owe, interest and penalties will be accruing every month that you don't file. And if you file and leave off some of your income, the IRS will contact you and assess the additional tax, with interest and possible penalties.
2007-01-28 12:06:47 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You must claim all income received every year. If you don't list all of your income your return may be rejected. If the IRS doesn't catch the error by April 17, 2007, you'll have penalties and interest to pay on top of it all.
If your return is filed late and there is no tax due with the return there is no penalty for late filing. But doing that is just giving the US government an interest-free loan. That's just downright dumb in my opinion! However if there is tax due there are significant penalties for filing late as well as interest on the unpaid tax that accrues from the due date of the return. Therefore it's always best to file your return as quickly as possible and get back whatever is due you as soon a possible or pay any shortfall before the filing deadline.
I don't know who told you otherwise, but they obviously don't know anything about the Tax Code. Please do not take ANY tax advice from this person!
2007-01-28 11:58:31 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The 3 year time period is the amount of time after a return is due that you can amend your return. If you file a return that does not claim ALL your income, you will have to pay interest and penalties from the date the return was originally due to the date taxes are actually paid. This is in addition to possible criminal charges for filing a false return.
2007-01-28 12:45:47 · answer #4 · answered by STEVEN F 7 · 0⤊ 0⤋
The 3 year rule means that you will not lose any refund due from the IRS for each year. You still report income in each year received.
2007-01-28 11:26:00 · answer #5 · answered by spicertax 5 · 1⤊ 0⤋
Yes, both every year. I've never hearde you could wait. Deadline for taxes thus year is April 17 I think, noirmally April 15.
2007-01-28 11:24:31 · answer #6 · answered by Betsy 7 · 0⤊ 0⤋