and i claimed exempt one year....what do i do???
2007-03-04 04:12:12 · 6 answers · asked by Shannon O 1 in Business & Finance ➔ Taxes ➔ United States
File the missing returns, if you owe the IRS will make payment arrangements on any balance you owe, keep in mind that if you do owe that penalties and interest will be charged until the balance is paid in full.
If you need copies of your income information the IRS can provide transcripts of the W2 and 1099 information to you, you can call and request them or complete form 4506 T and send it in.
2007-03-04 04:23:41 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you had any tax liability the year you claimed exempt, then you'll owe not only the taxes you should have paid, but also interest and penalties.
For other years, same as above if you owe - if you have a refund coming and you file within 3 years of the original due date of the return, then you'll get your refund and won't owe any penalties.
In any case, gather your information from those years and file as soon as possible. If you owe, the penalties and interest will just keep adding on otherwise, until you clear all this up.
2007-03-04 16:40:53 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
you're going to have to file eventually, and clean up this mess. but, if you are due a refund then you won't be subject to penalties, as was the case with one of my tax clients last year who didnt file for 2 years. If you owe, assuming that you have to file in the first place as others here have stated, then you gotta face the music. the longer you wait the more the penalties will be.
2007-03-04 13:50:51 · answer #3 · answered by RichManPoorMan 2 · 0⤊ 0⤋
This is fine, if you haven't made the minimum amount required to filing your taxes don't worry about it. This year I think it's around $8,500. If you did make more than the minimum amount required to file taxes I would let your accountant/CPA/tax preparer know about it so it can be fixed. It's better to nip this at the bud now instead of being audited in the next year or so and have to explain yourself to the IRS.
2007-03-04 12:17:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you had no income to claim then it's probably no big deal.
If you did have income above the minimum requirement then you may want to find a good tax lawyer. But if you do the right thing and try to catch up on past forms the lawyer can probably minimize your tax penalties.
2007-03-04 12:22:04 · answer #5 · answered by John 6 · 0⤊ 0⤋
If you weren't required to file, don't worry about it.
You only have to file if you have income greater than the standard deduction + personal exemption (this year it's $8800 for single people).
(There are some obscure circumstances where you might be required to file even if your income is below this line.)
2007-03-04 12:23:59 · answer #6 · answered by Anonymous · 0⤊ 0⤋