What am I going to do?! I just realized I filed exempt last year when I shouldnt have!!!!?

Question

I filled out that forum wrong, and somehow filed exempt, and didnt realize it cause I do direct deposit, so I never check my paycheck stubs, and now I am affraid I am going to owe a crapload of money. Im a college student working and going to school full time and living at home, am I going to owe alot? Should I plea my case to the IRS and see what they can do?

Answer 1

When you file your return you will probably owe something in taxes. You need to make sure that you complete the form 2210 (underpayment of tax penalty) form. If you had no tax in the prior year you should not owe a penalty this year. This form will lead you through the calculations.
How much you may owe is based on your taxable income and your age. You have not given any indication of your earnings for 2006.

Answer 2

OOPS!!!

You will very likely owe taxes when you fill out your return - that depends on how much you made, among other things. "I didn't know" or "I made a mistake" isn't a defense, so there's nothing the IRS Is going to do for you to fix it. You'll have to pay. Whether it's a lot or not will depend on how much you made. If you owe and can't pay it all right away, file anyway and they'll set up a payment plan. If you don't file, you'll owe additional penalties.

Make sure your W-4 is corrected so this doesn't happen again at the end of this year.

Good luck.

Answer 3

You report a tax return to with a bit of luck get a reimbursement. You committed tax fraud/tax evasion via submitting Exempt on your W-4 whilst no longer entitled to realize this. And via failing to precise report W-4 and falsely claiming exempt and failing to report a tax return, you have opened your self as much as outcomes and interest or maybe prosecution. the quicker you treatment the topics you created, the extra appropriate. One treatment is report 0 allowances on your W-4 and to have extra withholding taken out of your pay each verify. till you report a return, no longer something is utilized to something, it relatively is in basic terms withholding at IRS. so which you would be able to desire to take your W-2s for 2008 and report your 2008 tax return and choose how a lot you owe and get right into a repayment plan, now. Then, once you report your 2009 return, any extra would be utilized to previous 365 days's debt. no longer sufficient information to totally answer this, and be sure regardless of in case you owe funds. The video games you performed final 365 days propose that your tax criminal duty has in basic terms been becoming with outcomes and interest, and could proceed to realize this till you handle all of it.

Answer 4

1) Don't panic. The IRS are not monsters.
2) Contact my friend Mitchell Friedman. He's an Enrolled Agent and can get this all straightened out for you. His website is: taxsolutionswithaheart.com. He's been an IRS agent and knows what he's doing. He will negotiate with the IRS for you honestly and will work out a reasonable fee agreement, based on your individual needs.

Answer 5

you will probably have to pay about 20% of the gross salary for 2006. The IRS will not take excuses as we are all adults now. But they will accept payments. Don't be nervous. They know they can't get blood from a stone so just call them and tell them you would like to make payments. They are cool with that as long as they get their money!

Good Luck!

Answer 6

for the clarifications regarding the tax returns filing you can go for the tax filing websites. these can provide u with the related information and make you earn deductions on paying the tax. here is one of the website address

Answer 7

You need to file an ammended return. Form 1040X.

The following link is from the IRS webite and outlines how to file such a return. Good Luck.