I never got around to filing my 2005 tax return - I am actually waiting for a former employer to resend me my info. Can I still file my 2006 return or do I have to wait and do 2005 first? If I can file 2006, will I be assesed a penalty on my 2006 return for having not filed 2005?
2007-03-01 02:30:56 · 4 answers · asked by Elizabeth S 1 in Business & Finance ➔ Taxes ➔ United States
Ask IRS for copy of 2005 forms - they will send it to you. I believe you can request this over their website IRS.gov
Then file both at same time. If you do not get the 2005 form before April 15th, go ahead & file 2006. It may trigger an audit for your 2006 but not likely. If you owe taxes you will have to pay interest on money from 2005 & you would have a late filing fee too. It can amount to 25% of taxes due. If you are owed refund, there are no penalties except after 3 years they keep your refund. Good luck!
2007-03-01 04:03:59 · answer #1 · answered by Wolfpacker 6 · 0⤊ 1⤋
You do not need to file your 2005 tax return before your 2006. If you are due a refund on your 2005 tax return there will not be any penalties.
A word of caution would be if there is an item on your 2005 return that will affect your 2006 tax return (such as a capital loss carry-over) you will need to amend your 2006 tax return to add the new information.
2007-03-01 10:36:38 · answer #2 · answered by jks_mi 3 · 2⤊ 0⤋
You can file your 2006 now, but, if you have money coming back to you, it will be held up until you file 2005.
Why wait for your former employer to provide the info to you? Just go to irs.gov and search for Form 4506-T. Fill out the form, send proof of your identity, and the IRS will send you your 2005 transcript. You will have all of the information to complete your 2005 tax return.
2007-03-01 14:16:43 · answer #3 · answered by bold4bs 4 · 0⤊ 0⤋
Each year is to be filed separately. The benefit of waiting to file your '06 return until after your '05 is that if there is information that you need to do a complete '06 may be in your '05 return. There is no penalty for filing an '06 before '05, but if you owe from '05, there will be a penalty for late filing and whatever percentage of tax your are penalized for . If you are due a refund, then, no you will not be penalized.
If you cannot get your '05 from your former employer, go to your local IRS office and request a print-out. This will contain only Federal info.
www.irs.gov, individual
800-829-1040
2007-03-01 10:38:01 · answer #4 · answered by Wood Smoke ~ Free2Bme! 6 · 0⤊ 0⤋