In 2005 taxes i forgot to add a W-2 form for a job i only had like two monthes (i was lazy to pick it up and thaught I'd be losing out on a larger return so thats why i didnt really think about it) now it turns out that they over paid me be $995. They are giving me the option of making payments. Does anyone know if they will be willing to take it out of next years return?? I get returns every year so im hoping they will. Yes or no??
2007-06-07 08:44:53 · 6 answers · asked by x_masangel69 2 in Business & Finance ➔ Taxes ➔ United States
If you still have an outstanding balance they will offset any refund you have next year towards the balance. However you can't just let it ride until then. If you don't work out a payment plan fairly soon you risk having the IRS sieze wages or bank accounts to pay the debt.
Get with the IRS and work out a payment plan and stick to it. With a bit of luck, any refund next year will complete the payment plan and you'll get whatever is left over after the offset. If not, at least your debt will be reduced by the amount of the offset.
2007-06-07 09:00:05 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
When you file next years return, they will automatically take whatever you owe them out of the refund even if you are on an installment plan.
The problem with waiting is that they will charge you interest until the balance is paid so the amout they seize from next years refund will be higher than the $995.
2007-06-07 08:50:58 · answer #2 · answered by Wayne Z 7 · 1⤊ 0⤋
Too undesirable, yet no, you will no longer get the money from 2002. You had 3 years to record and declare it - you're way too previous due. it is easy to get 2006 and later, yet it is all. And particular, getting a lawyer could basically be throwing stable funds after undesirable. The regulation factors 3 years, you waited to long.
2016-11-26 23:44:22 · answer #3 · answered by ? 3 · 0⤊ 0⤋
You make an attempt at the payments. Often they will let you tell them how much you can afford. The remainder will be taken from next year's return. The penalties and interest can pile especially if you do nothing about it.
2007-06-07 08:56:19 · answer #4 · answered by uphill climb 3 · 0⤊ 0⤋
They'll want something each month from you. If it's not all paid off by next year, they'll take the rest out of your refund next year.
2007-06-07 14:46:39 · answer #5 · answered by Judy 7 · 0⤊ 0⤋
Here are basic tax payment Q/A's, plus forms of accepted tax payment.
2007-06-07 09:23:06 · answer #6 · answered by Fancy Nancy 2 · 0⤊ 0⤋