2007-04-23 19:17:48 · 7 answers · asked by Zowzooma, the Angry Deity 2 in Business & Finance ➔ Taxes ➔ United States
the penalty would be the LOWER of 100.00 or 100% of the tax due. if no tax is due and you do not file they will not contact you. but if you earned any income or had any federal tax withheld from any paycheck even if only 1.00 and you earned less than the minimum to file you should file a return to receive a refund of all taxes paid for the year. this year there is a new refundable credit for telephone taxes paid in previous years and you may be eligible for a credit of those taxes paid. credit amounts range from 30.00 to 60.00 depending on file status and number of dependents.
also the earned income tax credit is an additional refundable credit that you may be eligible for but will not receive if you do not file a return.
2007-04-24 09:56:43 · answer #1 · answered by amazed 3 · 0⤊ 1⤋
There is no penalty if there are zero taxes owed. However, if the IRS makes an adjustment to your tax return resulting in additional tax at any point during the open statute of limitations, you will be charged a "failure to file" delinquency penalty based upon the corrected tax amount. The penalty is computed from the due date of the tax return until the date the tax return is filed.
For this reason, if you are unable to file by the due date I would always recommend filing an extension.
2007-04-24 12:56:14 · answer #2 · answered by figment_usa 5 · 0⤊ 1⤋
No. But if you have any EIC coming to you & you don't file you can't get it. Plus this year there's an extra $50. refund if you had a landline phone & you paid a particular tax on it. I only made $160. last year (stay at home mom) but because of EIC & the phone refund I got $110.
But you do need to if you have state taxes you owe. Depending on the state you could even get a refund there.
The IRS online has all kinds of links to places that have free software & let you e-file also for free. It's really simple & your W2 form is all you need unless you had large income from elsewhere like dividens, interest, capitol gains, etc. & want to itemize.
Worse case scenario with zero taxes owed is you get nothing. But it doesn't cost anything as long as your income is low enough. So why not take the time?
2007-04-23 23:02:49 · answer #3 · answered by syllylou77 5 · 0⤊ 2⤋
No, penalites are based on the amount you owe. So if you owe nothing, there is nothing to penalize. However, if you live in a state with a state income tax, the rules may be different for your state return.
2007-04-23 19:23:23 · answer #4 · answered by Amy F 3 · 1⤊ 0⤋
No. No penalty if you are due a refund either. But you have to file to claim your refund within three years.
2007-04-23 19:23:23 · answer #5 · answered by Rainman 5 · 0⤊ 0⤋
No, penalties are a percentage of what you owe, and any percent of zero is zero. So no penalty.
2007-04-24 03:44:28 · answer #6 · answered by Judy 7 · 0⤊ 1⤋
As long as you have proper documentation.
2007-04-23 19:27:32 · answer #7 · answered by Anonymous · 0⤊ 1⤋