I'm asking this for a friend, so I'll try to get all info correct. He worked 2 jobs in 2003 and never filed his taxes for that year. His total income was $7,062.66. About $350 worth of federal taxes were withheld and $90 for state. His filing status is single. Should he go ahead and file for that year? I would think he would have been entitled to almost a full refund, since his wages were minimal. Since 3 years have past would there be a penalty since it's a refund? OR is he even required to file at this amount. If he wouldn't receive any penalties then I know he wants to file, but if he would and he's not required to file then he won't. Any help would be appreciated. 10pts to most comprehensive (correct) answer. THanks!
2007-04-03 12:28:36 · 8 answers · asked by James G 3 in Business & Finance ➔ Taxes ➔ United States
You can go back 3 years to file a return--so yes, he can file his 2003 return and receive a refund if he is due one, and it sounds like he is. His gross income had to be at least $7,800 to be required to file a return for 2003.
He really should go ahead and file for 2003 but make sure he does by the deadline of April 17 (they changed the date this year) if he does want his refund. You have to paper file past tax returns, so why not download one on the irs.gov site and fill it out and see where he stands tax wise? If he does not owe any money, he will not be penalized for late filing since he was under the income requirement to file!
Here's the link for the forms you need for 2003:
http://www.irs.gov/formspubs/article/0,,id=141438,00.html
Hope that helps!
2007-04-03 12:39:43 · answer #1 · answered by MarineMom 6 · 1⤊ 3⤋
He should file, and do it quickly. You're right, he probably has a refund coming, but he only has until 4/15/07 to file and still get his refund. He can download forms at irs.gov - to go more forms and publications in the left-hand column, then to previous years, then to 2003. There won't be any late filing penalty if he has a refund coming. If he wasn't a dependent, he wasn't required to file anyway - for 2003 the limit to have to file was $7800 - but he might as well file to get his $350 back, that's a lot of money to just give away.
2007-04-03 12:49:52 · answer #2 · answered by Judy 7 · 3⤊ 1⤋
Officially for work in 2003 filing would have been due April 2004. Officially 3 years have not passed until April 2007 filing.
Check with the IRS for the forms needed to file. Most likely they sent out a brochure stating "Did you forget to file?"
That means "You're busted" You are required to file a timely return and if you don't there are usually penalties. Bite the bullet and get it over with..they will walk you through it.
In the future, remember that you have 3 years to amend your taxes. Filing a 0 return would have given you 3 years to amend "unless" you owed them money. If you exceed the 3 years..penalties plus interest apply.
Good luck walking in the door this time of year but sometimes it doesn't hurt to do just that & beg for mercy. I don't have a tax table for that year but the one for this year requires 708 bucks for the amount you provided. It is entirely possible that your friend would not have received a refund at all. You didn't state whether he files Single 0 or Single 1 during the year.
2007-04-03 13:27:46 · answer #3 · answered by Don't even think about it 2 · 0⤊ 3⤋
You don't need a tax attorney. They're very expensive. $200-500 hr. Find a decent CPA. Ask what experience they have in Offers in Compromise. Filing the returns is the easy part. Getting rid of the penalties is a whole different matter. The IRS will at least want a payment plan set up to pay your tax debt off. Say in 18 months with interest accruing. The Offer in Compromise comes into play if there is no feasible way you can pay off the entire debt. To do an OIC, you're going to have to be able to pay off a substantial portion of your taxes.
2016-05-14 17:19:45 · answer #4 · answered by brianna 1 · 0⤊ 0⤋
Your friend has until April 15th 2007 to claim any refund for Tax year 2003. There is a 3 years from the original due date of the return Statute of Limitations for claiming refunds, If they want that refund they must file by the 15th or that refund will be lost to them.
2007-04-03 12:39:28 · answer #5 · answered by Anonymous · 2⤊ 1⤋
The statute on 2003 does not run out until 4/17/07, file the return now and he will still get his refund; he will also get interest on the refund. There are no penalties unless you owe money, so file it in the next 2 wks.
2007-04-03 13:07:57 · answer #6 · answered by irongrama 6 · 0⤊ 3⤋
Absolutely he should file, no penalty if he gets a refund.
2007-04-03 14:12:48 · answer #7 · answered by Anonymous · 1⤊ 0⤋
You should call your local tax helper like
H&R Block and ask them what you should do.
2007-04-03 12:32:25 · answer #8 · answered by Ahswee 1 · 0⤊ 4⤋