I forgot to send in my tax forms. Is anything bad going to happen?

Question

I'm still in college, and I lost my tax forms, plus my dad, who did them, said I owe the government about $200. So I was supposed to send them with a check, I guess. But I didn't send anything at all. Do I only get in trouble if they randomly happen to select my taxes for review and discover they're missing, or is my name automatically on the "did not receive taxes" list?

What do I do? Do I lie low and hope nobody notices, or send them in really late and then have anyone who receives them KNOW I send it in late?

Answer 1

You are already facing penalties for late filing as well as interest and penalties for late payment of tax. These are mounting DAILY until you get your tax return in the mail.

If you "lie low" the IRS will get back to you in about a year or so. By then your $200 tax bill will probably have doubled or worse. There is nothing random about the IRS catching this. They virtually always do. Worse yet, if you wait for them, they may assess your tax at a much higher amount that the $200 you are showing. When they add the penalties and interest on top of that, your debt could be tripled or more.

Answer 2

There's no maybe about it, your name will automatically be on the "Didn't file" list since they already have the records of your W-2's and will know that you should have filed and paid. If you don't file, eventually they'll send you a letter and a bill for what you owe. Since this could take a year or more, interest and penalties will have really added up by then.

Send them asap. Either find them, or have your dad print off another copy. You'll already owe a little for interest and penalties for not filing on time and for not paying on time, but it'll only get worse as time goes on. And they WILL catch it.

No need to let the IRS know that you're sending them late - they'll figure that out for themselves.

Answer 3

Just send them in now and pay the $200. Otherwise, you will probably get a letter from the IRS and then you will owe penalties and interest. The IRS has a copy of your income documents and eventually their computers will show that you did not file a return and owe some tax.

If by filing a bit late the IRS wants to assess penalties or interest, they will contact you. But send it in ASAP to minimize or maybe eliminate extra charges.

Answer 4

Two men in black suits wearing sunglasses and talking into their lapel pins will appear at your home, take you into custody, and you'll never be seen or heard from again. That's all. No big deal. Happens all the time.

Just send them in as soon as you can. If they're late they're late, and IRS will know no matter what. I once went about 4 or 5 years without filing. (Complications one year, and then never got it squared. It kind of snowballed every year and I put it off...)

Set up a business of your own -say, consulting, or sales of personal railroad cars, or something. The first year, take a business loss, and carry back enough of it to last year, to offset the taxes owed. Nothing illegal about that. You just have to file schedule C with your taxes, along with SE. Just don't say you got the idea from me...

Answer 5

Illegal immigrants don't and won't break the economy. In fact, they are a major force in keeping it running! If you discount all the immigrants, legal or illegal, the US population is actually declining. Immigration fills the gap that the "native" citizens aren't. Yes, illegals send money back to their home countries. However, they also pay rent, buy groceries, and pay for other services. Many are also becoming homeowners, which is another plus for the American economy. And yes, a majority of illegal immigrants DO pay income taxes.

Answer 6

you could go to jail