I filed an extension and never completed my 2005 taxes. I owed $600. I just completed my 2006 taxes and it shows an $1800 refund. I've been informed to file them separately. Do I still have to send a check for 2005 or can they deduct what I owe from my 2006?
2007-02-16 15:06:51 · 3 answers · asked by Michael S 1 in Business & Finance ➔ Taxes ➔ United States
Normally, when you owe from the previous year, even if you had set up a payment plan and were not done paying off what you owed, they would deduct the amount from your current refund and you will just receive the difference. But, your case may be different since you never actually filed your 2005 taxes, so it would be better to paper file a 2005 return now and send the money in with it....although, if you can't afford to send the $$ in with it, I'm sure they will just deduct it from your 2006 refund. But, like the previous poster said, you may be charged additonal penalties by doing it that way because of the time frame involved and it may take even longer to get your 2006 refund since you do not fit the profile of the typical efiler. Good luck!
2007-02-16 16:49:51 · answer #1 · answered by MarineMom 6 · 1⤊ 0⤋
Send a check for 2005. The IRS keeps each year separate. Also, while the extension may stop them from assessing penalties, they do charge a lot of interest, so pay as quickly as you can afford to or you'll be paying a ton of additional interest on that $600.
Also, there's a good chance that they may hold up your 2006 refund if the 2005 bill hasn't been paid.
2007-02-16 15:26:30 · answer #2 · answered by roxburger 3 · 0⤊ 0⤋
yes you have time
send a check of 2005
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2007-02-18 17:28:56 · answer #3 · answered by Richard C 1 · 0⤊ 0⤋