 My sister loaned me of money over the years. When i give it back to her does she have to pay taxeson it again |
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 Medical tax deduction for hot tub? |
My husband has rheumatoid arthritis and we were looking at hot tubs
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... |
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vocerojr | Whats the penalty for not filing taxes since 2005 until present ? |
29k inc, 1 child, head of household |
 |
 
Audrey A
 |
You may have to pay a "failure to file" penalty for each year that you didn't file your taxes. This equals 5% of tax not paid by the due date for each month that the return is late up to 25%. If your return is more than 60 days late, the penalty for this is not less than $100 or 100% of the tax balance, whichever is less.
Ontop of that you may have to pay a "failure to pay" penalty which is 1/2 of 1% of your unpaid taxes each month after the due date not to excede 25% of your tax. If you show that you had good reason not to pay the taxes on time, this may be waived.
If both of these penalties apply in any month, the failure to file penalty is reduced by the failure to pay penalty. However, if your returns are filed more than 60 days late, the $100.00 or 100% fee still takes effect.
If you are getting a refund, you are still entitled to it. Its best to get everything up to date so that you don't have to worry about it anymore. |
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exirsman
|
If you have a refund due, there is no penalty! If you owe, it is 5% per month late x 5 months for Failure to File (25%) plus a Failure to Pay penalty that runs about 0.5%-1% per month and maxes out at 25% of the tax due. Plus interest.
Based on your info, you probably have a refund coming. It just depends on your tax withholding if an employee or estimated tax payments if self-employed. If you did not have proper W4 withholding or if you were self-employed and did not make payments, you may owe.
Go ahead and get the return prepared so you know where you stand. |
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Judy1
 |
It depends on whether you owed taxes, or had a refund coming. You very possibly had a refund coming, in which case there wouldn't be any penalty, and you can still file and get the refund. If you owe, there will be penalties for late filing, late payment, plus interest - but it won't get better, those will continue to be added on every month until you take care of them. |
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bostonianinmo
|
Depends upon how much you owe. If you have a refund coming there is no penalty. |
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yeochief2002
|
You are probably losing out on earned income credit and getting most of what you had withheld refunded. As long as your withholding exceeded your tax liability, there generally isn't a penalty. There is probably a legal aid society in your community where you can get assistance. |
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Amanda
|
well, the IRS could audit you to find out how much you owe them, and then you'll be in trouble.
or you could have missed out on a possible refund of taxes that you've paid in. |
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jpr302001
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It depends. No way to know exactly until you file. Get those returns in ASAP with any tax due! Then you can request politely for a waiver of interest if you have circumstances to explain the delay. |
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quizzical _me08
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If you don't owe any money, there won't be a penalty. They only penalize you if you owe them money. If you will be getting a return, then file them and get your money! |
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