Nothing- unless you owe them money.
2007-11-15 11:04:30
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answer #1
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answered by Anonymous
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You have an interesting scenario....Everyone has given you correct information thus far.. In the future, you never want to let this happen.. Why? Because there is no statute of limitations on them demanding tax from you, they can always come back and say they estimate tax you owe... This is possible considering you have had some income reported.. In some cases, they will do this, to force you to file...
Now realize, even though you may file now, for any returns over 3 tax years old, you will not receive any tax refund. However, you should do this to start the statute of limitations clock so that you do not get into trouble later on...
Remember, the IRS knows what your income is.. Companies must report that to them.. Hopefully, you do not owe the government any money.. If you do, then get with a CPA specializing in tax who can help you negotiate a settlement with the IRS.. This phenomenon is quite common.. However, you must have a certain amount of debt to the IRS... Now, if you owe a few thousand and cannot pay it at one time, ask them to let you enter into a payment plan...
Hope that helps. But there are consequences to not filing...
2007-11-15 20:32:54
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answer #2
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answered by MBATXguy 4
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1. You are required to file your tax return if you meet the filing requirement. For 2006 income, you must file if your taxable income is more than $8,450.
2. If your taxes withheld are more than taxes as per your return, then why should IRS worry about your tax return. You won't get your refund unless you file.
3. If your taxes withheld are less than taxes as per your return, then sooner or later IRS will contact you. You must file your return, pay the amount due with interest and penalty.
4. You must start with your 2006 return. See if you owe money and if you have a refund. You may also get Earned Income Credit that will increase your refund.
5. File your 2005, 2004... returns if you must or if you expect a refund. For returns before 2004, if you have a refund, IRS won't pay you; there is a there years limit for getting refund but there is no limit if you owe taxes.
2007-11-16 06:56:30
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answer #3
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answered by MukatA 6
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You're probably not in any trouble. Technically, you were required to file if you had enough income. But if you have had taxes taken out of your pay and then didn't file a return, if you owed anything the IRS would have contacted you, so it sounds like you had a refund coming but never filed to collect it. You can still file 2004, 2005 and 2006 and still get your refund, but it's forfeited for years before 2004. The government thanks you for your contribution, I'm sure.
2007-11-15 19:58:27
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answer #4
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answered by Judy 7
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As long as you don't owe any money, nothing will happen to you. However, by not filing, you are losing the opportunity to claim any refund due to you.
If you want any refunds due to you, you will need to file tax returns for 2004 by April 15, 2008. If you don't, then any claims that you have to refunds will be lost.
2007-11-15 19:21:46
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answer #5
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answered by Steve 6
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If you don't owe, you'll be fine, but you may have missed out on a refund. You might want to talk to a tax advisor about this. You just don't mess around with the IRS.
2007-11-15 19:26:56
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answer #6
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answered by voluntarheel 5
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If you would have been entitled to a refund, nothing happens, you just do not get the refund.
If you would have owed money, then you still owe that money, plus interest and/or penalties.
2007-11-15 20:30:18
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answer #7
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answered by StephenWeinstein 7
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they make you go back and file the ones that you missed, with late fees, interest,
2007-11-15 19:04:10
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answer #8
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answered by Anonymous
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