She's been living with her sick mother and she is now in a nursig home. She also lives with her daughter and brother but she's the only one that has been working, how bad will the penalty be?
2007-10-05 18:02:03 · 6 answers · asked by Zil-Liz marin 1 in Business & Finance ➔ Taxes ➔ United States
ninasgramma is correct. To add: if a refund is due the IRS will pay interest on the refund amount to her. She only has 3 years to file for any refunds (from the time the return was originally due).
2007-10-06 03:26:59 · answer #1 · answered by Dee 4 · 0⤊ 0⤋
A taxpayer who is due a refund will not pay any penalty or interest when they file a late tax return.
If taxes are owed for two years on a return that was never filed, there will be a 25% failure to file penalty, a 12% failure to pay penalty, and currently 8% annual interest on the balance due. So, well over 50% in penalties and interest.
2007-10-06 01:12:32 · answer #2 · answered by ninasgramma 7 · 3⤊ 0⤋
Well, I guess that could depend on whether she owed money or was going to be receiving a refund. How bad it would be depends on how much she owed because they will be some interest piled on.
2007-10-05 18:11:41 · answer #3 · answered by Anonymous · 1⤊ 0⤋
There is a penalty and a percentage based fine. Pay in full if you can. Interest rate is high!
2007-10-05 18:10:43 · answer #4 · answered by Wounded Duck 7 · 0⤊ 1⤋
Depends on how much she owes.She needs to file now.
2007-10-08 00:31:46 · answer #5 · answered by Gary 5 · 0⤊ 0⤋
hmm bad because the interest the irs charges you is insanely high
2007-10-05 18:05:34 · answer #6 · answered by ihurtmyhand 4 · 1⤊ 1⤋