DO I just complete the returns and send them all at once? What if I find that I OWE tax on all years, I know I will have to pay interest and stuff, can I combine my tax bill from all years and pay per month? I am not sure if I will owe or not. What is the amount of income you have to make to be required to file? Also, if you are a full time student w/ no job do you still have to file?
2007-06-04 21:00:23 · 7 answers · asked by YackinJawz 1 in Business & Finance ➔ Taxes ➔ United States
I'm assuming that your income was only wages.
If you were a full-time student with no job during any of the past three years, you do not have to file a tax return for that year.
If you did receive wages for any of the past three years, and you were claimed as a dependent on another person's tax return (such as a parent), then you need to have made more than the following to owe any tax and be required to file. If you were not claimed as a dependent, the corresponding amount is in parentheses:
2004: $4,850 ($7,950)
2005: $5,000 ($8,200)
2006: $5,150 ($8,450)
You can download the necessary forms from irs.gov and fill them out and mail them in. I'd mail them separately. If you owe, enclose payment for each year separately with a notation on each check. If there are penalties and interest, the IRS will bill you. If you do not send payment, the IRS will bill you and you can do an installment agreement with them (but this is an expensive way to pay because there are fees as well as penalties and interest).
Finally, if you did earn wages, but were not required to file, you can get a refund of any federal income tax withholding by filing a return. Ditto for the state. The refunds are generally available only for three years from the due date of the return.
Any year you were required to file a federal return, you should file a corresponding state return.
2007-06-05 04:43:46 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
You can just complete the returns and send them in. I'd send them each in a separate envelope, but that's not required.
If you owe for any of the years, you'll pay interest and penalties on the amounts, even if you have refunds coming for other years. Each year is treated separately. But if you owe for multiple years and can't pay when you file, yes, the IRS can set up a payment plan for you for the total that you owe.
If you have a refund coming for any of the years, you'll get it for 2004, 2005, or 2006. It's too late for any years before that.
For 2006, if you could be claimed as a dependent you were required to file if your income was $5150 or more. If you couldn't be claimed as a dependent, then the limit to have to file was $8450. For the other years, the limit was a little lower.
Being a full time student doesn't change your filing requirements, but if you didn't have income, or if your income was below the limit to have to file, then no, you don't have to. That's total income - if you didn't have a job but did have income from elsewhere you could be required to file - and if you had investment income for example and were a dependent, then the limits are much lower. Also, if you had income from self-employment over $400, then you're required to file.
Good luck. Maybe you won't owe - and might even get something back.
2007-06-05 02:43:04 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You can complete the returns and send them off at the same time but you should put them in separate envelopes.
It you owe, you'll have to pay. The IRS will lump them all together once you've filed them and you'll set up a payment plan to clear the debt as needed.
The filing requirement amount varies each year and is based upon your filing status. For 2006, it was $8,450 if you were Single and could not be claimed as a dependent by another taxpayer and $5,150 if you could be claimed as a dependent. Prior years were somewhat less. You can download the forms and instructions for prior years at the IRS website. The instructions will tell you what the amounts were for each year.
The requirement to file and pay taxes is based solely upon your income. Being a student doesn't absolve you of the responsibility to file or pay as required. You may get some tax breaks as a student, but you still must file.
2007-06-05 01:13:04 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Couple of things: (this happened to me) call the united states treasury and state if your state has tax. I'm from California so if you were a CA resident, you would also call the franchise tax board.
Anyway, if they see anything outstanding, they will tell you. Luckily, my taxes weren't filed but they didn't have a red flag on my tax history. I ended up googling the proper tax forms for 2005 and filled them out. I ended up owing.
I spoke with the state and the representative said to send in the return or what you think you owe and the fines will be mailed to you. If you haven't gotten notices in the mail, I'm sure you won't have any serious consequences or anything.
Luckily when I sent in my checks, I ended up getting a refund! I had to pay deliquent fees but my return was greater for both fed and state.
when you send in your returns, do them separately by year. Wait for the return/fees.
I believe if you make less than a certain amount, you don't have to file. i forgot what that amount is. if you are a full-time student, your parents may claim you already so be sure you check the appropriate dependent/ independednt box.
If you are desparate, go see an accountant. i hated H&R block but they are cheap if you need to save $$$.
Hope this helps.
2007-06-04 21:17:14 · answer #4 · answered by math_angel09 2 · 1⤊ 1⤋
You have received good information from the other posters. The one item I don't see mentioned is, you must file within 3 years to receive or use a refund you might have coming. If you wait beyond the 3 years, you can and should still file your tax return, however, they will keep your tax overpayment. They will also not allow you to apply that overpayment to any balance due from other years, unless you file a hardship waiver request, which is very rigid. The bottom line, file as soon as possible, especially the oldest years.
2007-06-05 06:15:14 · answer #5 · answered by BS 3 · 0⤊ 0⤋
i wouldn't quite anticipate that refund which you anticipate. if your husband did no longer record his taxes for 3 years, the IRS is going to desire each and all of the taxes he could desire to have paid plus activity and many outcomes. i'm confident this could better than conceal your envisioned refund plus. If he has a compelling clarification why he did no longer record for 3 years, they could settle for each and all of the taxes due with activity and outcomes without putting him in penitentiary.
2016-11-26 00:12:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋
tardytax.com allows you to file several years
2015-02-16 04:26:01 · answer #7 · answered by Lakendra 1 · 0⤊ 0⤋