2007-02-02 13:52:59 · 6 answers · asked by Nici 1 in Business & Finance ➔ Taxes ➔ United States
It really just depends. You haven't given enough information. If your income was from 1099-misc's, then you would owe. If it's W-2 wage, then probably not. Then again, it depends on how much federal withholding you had. Do you have any dependents? If so, it would definetely be benefical to file. You can only go back three years to file for refunds though.
2007-02-02 13:57:56 · answer #1 · answered by Fool in the Rain 6 · 1⤊ 0⤋
If you owed taxes for those years - yes.
If you were an employee, drawing a paycheck, and having tax withheld - then most likely you were due refunds those years. In that case, no penalty. Penalties are based on a percentage of the tax that was due. HOWEVER - you have three years from the original filing deadline to file a tax return to get a refund...if you're past that date - they keep your money, and don't have to give it to you.
If you were an independent contractor, and received money, with no tax withheld, and you paid no taxes, you most certainly owed money - and there will be a bill waiting for you once they catch up to you. The longer it takes them, the bigger the bill will be (since they charge interest over time - the longer the time late - the more they'll charge)
2007-02-02 13:58:55 · answer #2 · answered by Anonymous · 0⤊ 1⤋
It depends on how much you made and your personal circumstances like marital status, dependents, deductions, and how much you had withheld for federal income taxes.
If you're single, no dependents or deductions, you'd owe tax if your income was close to $10,000 in those years. If you had enough deducted to cover what you owed, then no, there wouldn't be penalties. If you owe, then yes there would.
In either case, you need to file asap. If you had refunds coming, you'll get them for tax year 2003 on - after April 15, you wouldn't get 2003 either. It's already too late for 2001 and 2002 refunds. If you owe for any of those years, penalties will keep accumulating until you file, so it'll keep getting worse.
Good luck.
2007-02-03 11:45:34 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
If you have made more than the sum of the standard deduction and your personal exemption for each year you have not filed, the IRS will assess taxes based on the information they have and assess interest, failure to file penalty, failure to pay, negligence, and whatever other penalty they can come up with.
2007-02-02 14:05:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you owe money, yes there are penalties. you can go to http://www.irs.gov and click on the left hand side link "taxpayer advocacy" for assistance with decreasing the amount or help explaining to the IRS why you did not file.
Depending on your situation, you may get EIC back, but you can only claim a refund for up to three years back, so file by April 17 this year.
2007-02-02 13:57:52 · answer #5 · answered by capeal 2 · 1⤊ 1⤋
wow ur poor im 12 and i hav already made over 350,000
2007-02-02 13:56:32 · answer #6 · answered by ROSIEpALM 1 · 0⤊ 6⤋