I should be getting a decent refund this year but am not sure what would be the best steps for me to take here. Any help is much appreciated!
2007-12-28 05:38:07 · 7 answers · asked by MC13 1 in Business & Finance ➔ Taxes ➔ United States
File for 2007. Keep in mind the IRS may hold your refund until you file the missing tax returns. This especially true for married couples with kids that itemize or small business with a lot of expenses. The IRS computer will look at income, standard deductions and your exemptions only when deciding if it's missing a tax return. Dependents, itemized deductions and business expenses don't exist until you claim them.
Each year has a filing requirement. If you made more than the filing requirement, you need to file.
Forms for 2006 back to 1990 are available at IRS.gov. Just type the year into the search box, get the form, fill it out and mail it.
Ignore the person who said if you had a refund on a prior year, that you'd have to amend. Any refund/intereste that's reportable is reported in the year you receive it. No amendments would be created from a late filing.
2007-12-28 05:41:34 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Do you happen to know if you had a refund coming or if you owed?? You'll be fine if they owed you - you can file as far back as 3 years with no penalty and still receive your refund. If you owe, you will be assessed penalties and interest. Those dues will be deducted from any monies due you before you get a check. Follow the link below for more info - you can also access prior years forms and publications at this site.
2007-12-28 05:49:55 · answer #2 · answered by Dominicks Granny 4 · 2⤊ 0⤋
How do you "somehow forget" to file?
Yes, you can still file this year, although you might not be able to efile.
If you had enough income to be required to file for the previous years, you need to do that. Or if you weren't required to but had a refund coming, you can still file and get your federal refund.
2007-12-28 09:42:27 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
You need to speak with a tax professional. Because you are going to have to file back returns for the last two years. You can try to file for just this year, but believe me, the IRS will come looking for their money. It's best to be proactive in this situation and take the hit now, rather than wait until additional penalties pile up.
2007-12-28 05:42:46 · answer #4 · answered by Angie 6 · 0⤊ 1⤋
You need an experienced tax preparer to work this out for you. You won't get a refund if you owe taxes for the years you did not file.
2007-12-28 05:42:21 · answer #5 · answered by Anonymous · 0⤊ 2⤋
Theoretically yes, however if you were due a return from previous years you are required to report it on your current return so you might have to complete an ammended return when you file your past returns (highly reccommended).
Don't be afraid to file past returns, I had the same issue and the IRS was very helpful, really! FYI if you are due returns from those years there are no penalties or fines and you should recieve your $ quickly.
2007-12-28 05:55:52 · answer #6 · answered by kgsgolf 4 · 0⤊ 3⤋
`yes you can still file look in your phone book for tax help or contact the irs
2007-12-28 05:44:58 · answer #7 · answered by dreamweaver 7 · 0⤊ 1⤋