I am worried about penalties.
What is the best way to file for both?
I had two jobs in 2005 and one job in 2006.
I didn't file in 2005 cause my part time dropped my return drastically.
Is there a way to combined the two for one sum return?
I tried to file for 2006 on Turbo Tax online and encountered a problem that I don't understand. IRS asked me for a 2005 adjusted gross income and that box is empty on my 2006 w-2s.
Employee can not help me.
thank you in advance for all answers.
2007-06-11 16:10:20 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You will need to file both a 2005 and a 2006 return. And you will actually be hit with penalties on both since the 2006 filing deadline was April 17th this year. If you don't owe any taxes, then the penalties should not be too big. If you owe money, then you also get hit with interest charges on top of it.
Your best bet would be to call the IRS, tell them what happened, and tell them you want to get caught up and make things right. Don't make excuses, and accept the fact that you will have to pay some penalties, and they might go easy on you. Be very polite on the phone and you may get the sympathy of the agent.
FYI, the IRS looks at not filing as a more serious problem than not paying. You should always file even if you don't pay. They can throw you in jail for not filing, but they can only take your property for not paying.
2007-06-11 16:32:33 · answer #1 · answered by A5150Ylee 4 · 0⤊ 2⤋
You can file them both, but not together - your 2005 income goes on a 2005 form, and your 2006 income goes on a separate, 2006 form.
Having two jobs in the same year will definitely affect your taxes, and therefore any refund you might have coming. But if entering the second job just dropped it lower, I sure don't understand why you didn't still file - anything seems better than nothing! For 2005 by the way, you'll have to file on paper, not online, but if you have a refund coming, you'll still get it and there won't be penalties for filing late. If you owe, then there will be penalties and interest.
For 2006, your 2005 AGI (adjusted gross income) could not come from your W-2, since your employer would have no idea what adjustments you might have. It would come from your 2005 tax return. Since you didn't file one, you won't be able to use the online feature and will have to file 2006 on paper also. Just print it out and mail it in. Again, if you have a refund coming, there won't be penalties for filing late - if you owe, there will be.
2007-06-12 06:46:30 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
If you had money coming to you in 2005 and didn't file, they don't care if you NEVER file. If you have money coming for 2005 then file. There won't be any penalties. They aren't going to charge you for letting them keep your money while it earns interest for them. If you do owe money, then file. Better to do it now when penalties are at a miniumum because it is only one year late.
Turbo Tax asked you for that information to verify your identity, and that is the only reason. You won't be able to do turbo tax for 2006 if you didn't file for 2005 at all.
Just because your part time job dropped and you didn't like the outcome doesn't get you out of filing. The IRS really doesn't care whether you "like" your situation or not. Get both the 2005 and 2006 returns done, separately, and go back to sleeping at night.
2007-06-11 16:44:13 · answer #3 · answered by HEATHER 6 · 1⤊ 1⤋
First, file both returns. If you are getting a refund there is nothing to worry about.
No, you can't combine the returns.
You couldn't answer the question about your 2005 adjusted gross income because you didn't file your 2005 tax return.
BTW, the IRS did not ask you the question. H&R Block (or what ever online program that you used) asked the question. They needed this information so the could verify it was your return being filed.
2007-06-12 00:56:22 · answer #4 · answered by Steve 6 · 0⤊ 1⤋
possible document your 2005 tax return, probability is that in case you probably did no longer owe funds this 12 months you will no longer owe funds for 2005. in case you do no longer owe funds the incontrovertible fact which you filed previous due, or on no account, isn't a subject. Our government in basic terms needs funds and could desire which you probably did no longer document in case you have been to be rewarded a return.
2016-12-12 18:37:47 · answer #5 · answered by ? 4 · 0⤊ 0⤋
u need not to worry if your total income is less then from maximum permissable exemption limit
2007-06-15 03:53:17 · answer #6 · answered by shailesh71us 1 · 0⤊ 0⤋
Yes you can.
2007-06-11 16:12:57 · answer #7 · answered by Rockwell 2 · 0⤊ 2⤋