or ... will i end up owing... i've been told both things! And how would I go about doing that (filing for the past years)?... Any one know?
2007-03-13 07:15:51 · 8 answers · asked by Kitty K 1 in Business & Finance ➔ Taxes ➔ United States
statute of limitations on claiming a refund is 3 years....however sometimes refunds fall through the cracks and get to the taxpayers anyway so theres no harm in filing the return......IF, on the other hand you owe then penalties and interest will have accrued from the date on which you first owed the tax liability...in some cases the amount owed for penalties CAN be (notice i did not say will be) 100% of the pure tax owed plus interest.....you dont owe for not filing unless you owe as a result ...in other words if they owed you money youre in the clear....just file the returns
2007-03-13 07:27:15 · answer #1 · answered by cookiesmom 7 · 1⤊ 0⤋
Frankly, it all depends on how much taxes that you paid on your income this year. As for filing for past years, there are ways to do that as well. I would go with a professional tax service so that you get the best and most accurate filing as possible. The last thing that you want to do is make a mistake by filing yourself when you are just beginning to file your taxes. Ask questions while they're filing so that you learn from them as well.
Also, go to the website that I put in the resource box below. I was able to get all of my filing fees from H&R Block paid back to me, simply by filling in my information on the site. They may even pay a portion of your taxes for you if you owe!
2007-03-15 02:56:37 · answer #2 · answered by Jason C 2 · 0⤊ 0⤋
It is possible that you owe some taxes for past years, but most likely you would have heard from the IRS by now. If you do happen to owe back taxes it will be wise to take care of this sooner rather than later because late fees accrue over time. To take care of these past years and (hopefully) get any money that you are due, prepare a tax return for each year that you worked or have a tax preparer do that for you. For each of these returns you will either owe some taxes or get a return, based on your earnings, exemptions, and the amount of taxes withheld from your wages.
A few years ago I was in a similar situation. I worked in high school, but my earnings were low enough that I was able to decline the option to file. However, taxes had been withheld from my wages because I did not declare any exemptions on my W-4 form. A friend of the family who is an accountant took my W-2 forms for each year, filed amended returns for each of those years, and I got a little money back for each year.
If you do not have your W-2 forms from past years you can request them from your employer or the IRS. Almost all of the tax forms that you would need are available through the IRS website.
2007-03-13 07:47:49 · answer #3 · answered by eajbuffalo 2 · 0⤊ 1⤋
If you owed for any of those years, then you still owe the amount, plus interest and penalties.
If you had refunds coming, then you can still get your refund for tax years since 2003 - older than that, it's too late.
You can download forms for previous years at irs.gov - make sure you use the right year's form for each filing. You have to file each year separately, and years other than 2006 have to be mailed. You'll need your W-2's and any other tax papers from those years.
2007-03-13 08:20:34 · answer #4 · answered by Judy 7 · 2⤊ 0⤋
I think you can file taxes from 3 years back, im not 100% sure though, go to a tax place and find out.
2007-03-13 07:21:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It depends on a number of things. How much money did you make each year? Could anyone claim you as a dependant? Why have you not filed prior to this? and a ton of other questions.....
I am not 100% certain, but I think you can only go back one year. depending on the above, you might be penalized for not filing. each person's circumstance is different.
as for actually filing a prior year, there are forms you can find online at www.irs.gov. they should be able to answer a lot of your questions.
2007-03-13 07:26:16 · answer #6 · answered by kksmum 1 · 0⤊ 2⤋
It depends because there is a deadline for filing taxes each year. I know for sure that you can file taxes late if you own a business. maybe you can do the same. call H&R block
2007-03-13 07:27:11 · answer #7 · answered by cindyaguiluz 1 · 0⤊ 1⤋
You can collect back money owed to you up to 3 years.
However, if you owe the IRS money - they will hunt you down like a rabid dog with no mercy for the rest of eternity until you pay.
2007-03-13 07:30:15 · answer #8 · answered by Leroy Studying Law 1 · 0⤊ 1⤋