I haven't filed my taxes in 3 years. Should I file now or wait 'til next year?

Question

I don't owe money but I'm still afraid of getting in trouble.

All I did was work. I don't have any claims, no dependants, and I was under 18 the entire time. Also, I claimed as 0. I shouldn't owe, right?

Answer 1

File right away! Check all your records and file for every year and mostly you'll end up getting money back instead of owing them! Dont let years go and make sure that when you have to file next year, you actually file for your taxes instead of letting them pile up again!

Answer 2

If you had withholdings taken out of your paycheck you need to file to find out whether you had too much taken out and are owed a refund, just the right amount and don't owe or aren't owed, or if you had too little taken out and owe taxes. If you owe taxes, you'll owe the taxes, plus any interest and penalties that are accruing and will keep accruing until you pay it off in full. If you are owed a refund you only have 3 years from the date the return was due to file the return and get the refund. If you have not filed your 2003 or before returns and are owed a refund you are out of luck on those years, the statute ran out on 4/15/07 for those years, but you can still file and get refunds for 2004, 2005, and 2006. 2004 and 2005 will have to be paper filed, and you can get the tax forms for those years on the irs website, www.irs.gov, and for 2006 you can either paper file or e-file.

Answer 3

You were under 18 and probably claimed as a dependent on your parents' tax return. If so, your standard deduction is limited and you may have a tax liability. If tax was withheld by you employer, you may have a tax refund due. Go to the IRS website (IRS.GOV) and download the forms for 2004, 2005, and 2006 (and the instructions). If you owe tax, then you will save some interest charges by files now and not waiting until 2008 to file. If you are due a refund, wouldn't you rather have the money sooner than later?

Answer 4

If you don't owe, you won't get into trouble. There are no penalties for late filing if you don't owe or are due a refund, at least at the Federal level.

However you DO risk losing the right to any refund coming if you don't file within 3 years of the filing deadline for the tax year in question. For example, it's too late to claim any refund from tax year 2003 now.

State laws can differ on this. At least one state, Ohio, assesses a $500 penalty for late filing even if you have a refund coming!

Answer 5

The answer to this question, regardless of the situation is almost ALWAYS, to file now. Since you were under 18, I'm assuming your parents claim you as a dependent. That means whatever wages you had over the amount of roughly $5,000 (it's different for each year, ex. $5150 in '06), is taxable income to you. Your federal withholding gets credited to tax you owe on that amount, so yes, you should get a refund, unless there's some circumstance you haven't mentioned here.

If you're three years behind you might have forfeited one of your refunds, though. You are able to file a tax return to claim return up to three years past the due date. After that, you lose it. Go ahead and file now, in order to make sure you're able to get refunds for the other years.

Hope this helps!

Answer 6

You should file right away. Obviously, you are probably due a refund or the IRS would have already contacted you about the matter. Remember, you have three years from the due date as to when the return should have been filed in order for you to collect a refund. Past that date you lose it. As long as you are due a refund there are no penalties for not filing.

Answer 7

File. You won't get in trouble, and since you don't owe, there won't be any penalty. If you have refunds coming for 2004 or later, you'll get them - if you wait another year, 2004's refund would be lost, it would be too late to collect it.

Answer 8

I think you should file a.s.a.p. I've been on my boyfriends case because he hasn't filed his taxes in 3 years either.

How do you know you don't owe any money?

Answer 9

If you don't owe money you should not be concerned. It is better to file now. If you wait too long you will not be credited with earnings toward social security.

Answer 10

If you are talking about federal income taxes, be advised that there is no federal income tax law on the books. Congress has never passed one. However, the IRS insists that you must file a return. If you owe no taxes, what's your worry?