I am entitled to refund. Do I need to file for extension and is there any penalty?
2007-04-16 19:04:48 · 7 answers · asked by worried 1 in Business & Finance ➔ Taxes ➔ United States
You only get penalty when you owe. the extesion forms are easy to do go to irs web site and state department of revenue for your state if you live in a state with income tax. IL has automatic 6 months if you do not owe. failure to file penalty is $250 i think from irs
2007-04-16 19:09:43 · answer #1 · answered by hpasi923 2 · 0⤊ 1⤋
Refund and filing are two separate issues. You don't file for extension; you ask for extension. They won't be penalty for extension provided it's been approved. Late filing attracts penalty.
2007-04-17 02:08:23 · answer #2 · answered by SGElite 7 · 0⤊ 1⤋
There's no penalty. It doesn't hurt to file an extension though.
2007-04-17 02:07:22 · answer #3 · answered by the Boss 7 · 0⤊ 0⤋
My best advice- file the extension with the amount you owe as "zero". Then do the taxes and get your refund. It's safe and easy.
2007-04-17 02:09:17 · answer #4 · answered by rattyboo 3 · 1⤊ 0⤋
no, you don't need an extension or penalty. only if you need to pay taxes. that's when an extension is needed it, interest and late fees will accrue
2007-04-17 02:08:17 · answer #5 · answered by Anakin 7 · 0⤊ 0⤋
well, you need to turn in your paperwork citing that refund prior to the tax deadline. otherwise, yes - you still have to request an extension. regardless if you have to pay or if you are receiving a refund.
if you have not filed your taxes and don't have an extension - you will be penalized.
2007-04-17 02:08:03 · answer #6 · answered by cat 2 · 0⤊ 1⤋
Every company has its own rules and regulations, you must comply with them.
2007-04-17 02:09:01 · answer #7 · answered by Anonymous · 0⤊ 1⤋