2007-02-01 20:20:38 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You have 3 open tax years. The IRS can look back at an open tax year regardless of how long ago it was.
You should file your returns and close out those tax years if you earned more than the maximum tax-free income for any of those years. If you have a refund coming, you have 3 years from the due date of the return to file and receive the refund. After that, the refund is lost forever.
If you owe for any of those years there will be penalties and interest for late filing. You really need to know what you're up against there and preparing those returns is the ONLY way to know for sure what you're facing. There are no penalties for late filing if you owe no tax, but as mentioned earlier if a refund is due you'll lose it if you don't file within 3 years.
2007-02-01 23:47:37 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You probably owe 3 years worth of back taxes.
2007-02-02 04:28:43 · answer #2 · answered by The Proof Is In The Pudding 3 · 0⤊ 1⤋
Sounds like you have a lot of paperwork to catch up on. I recommend you motivate yourself to do it instead of waiting for the government to start asking you for it.
If you owe taxes, you are increasing that amount by interest and penalties. If you are due refunds, you are risking losing them altogether.
2007-02-02 04:25:24 · answer #3 · answered by dragonwych 5 · 2⤊ 1⤋
when thy figer it out thy will call you and you have to pay it with penalty's and they'll red flag you for a few years .
2007-02-02 04:42:46 · answer #4 · answered by ღ♥ஐcookie1ஐ♥ღ 6 · 0⤊ 1⤋
stop being lazy. need to call the IRS to see where you stand.
2007-02-02 04:29:52 · answer #5 · answered by #@%! 3 · 0⤊ 1⤋
You don't wanna know...
Moshavnick.
http://buildyourwealth.wordpress.com/
2007-02-02 04:28:34 · answer #6 · answered by moshavnick 2 · 0⤊ 2⤋