I am unemployed and dependent on my mom for support.For the past several years all I have earned is a minimal amount of unearned income(below minimum amount to file) on a savings account and a certificate of deposit. I heard from someone that you should file for the past six years because the IRS can hold you criminally responsible if you didn't file and should have. I know I don't owe any money, but should I back file for at least the past six years? I am also concerned because I am applying for state health insurance(for low income and poor people)and the insurance program wants my social security number and they will use my ssn to check my latest tax form. If they don't find a tax form will I be in trouble with IRS or possibly be audited? Also if I did back file, do I have to pay a late filing fee for each year(I think it is a $100.00 per year) even though I won't owe any taxes. Also, is there any reason to backfile beyond six years if I don't owe anything?
2007-04-04 10:33:31 · 4 answers · asked by sherri e 1 in Business & Finance ➔ Taxes ➔ United States
The fee goes by how much they feel you owe and by how many days late you are. Best to file so you don't get into trouble but the odds are you should consult a tax attorney to represent you for fines and cost. Odds are you would have got money back. Not now you are late.
2007-04-04 10:44:30 · answer #1 · answered by ascendent2 4 · 0⤊ 1⤋
If your income was so low that you weren't required to file, there would be no reason to go back and file returns unless money was withheld for taxes, which it probably wasn't - if it had been, you could get the last three years refunded.
No, you won't be in trouble for not filing. That's what NOT REQUIRED TO FILE means - you don't have to file.
2007-04-04 13:25:41 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You do not have to file if your income is below the filing requirement amount. (Not just if you don't owe, as stated by some others here.)
If you are not required to file, there is no penalty for not filing. Nor is there any penalty for filing if you decide to do so anyway.
2007-04-04 11:15:58 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
no you do not have to file if you do not owe....if all your income was interest income then you do not qualify for earned income credit so you wouldnt get anything back......do not worry about being audited....you wont be....any income to you was reported to IRS and if you had owed they would have notified you by now......also there would be no late filing fee
2007-04-04 10:45:05 · answer #4 · answered by cookiesmom 7 · 0⤊ 2⤋