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File income tax for past years?

by dipole
Tags: file, income
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dipole
#1
Jan17-13, 12:43 PM
P: 440
I have a W-2 from 2007 which I never filed for an income tax refund... is it still possible to file this?
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Jimmy Snyder
#2
Jan17-13, 12:46 PM
P: 2,179
I am not an expert, I just googled this. You should get expert advice.
Three year statute of limitations.
Vanadium 50
#3
Jan17-13, 01:35 PM
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If this will decrease your tax liability (i.e. you will get a refund) it is too late. You have three years. If this will increase your tax liability, you need a tax professional pronto.

russ_watters
#4
Jan17-13, 11:20 PM
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File income tax for past years?

Even if it would reduce your tax liability, the penalty of not filing for three years may mean you owe. Either way, you're better off filing: The IRS is slow, but they'll eventually get you.
Greg Bernhardt
#5
Jan18-13, 08:00 AM
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I agree with Russ. You can only evade the IRS for so long. Eventually they will want their money and you'll likely pay stiff interest penalties. Best to call up a CPA and find out what your options are.
Evo
#6
Jan18-13, 03:12 PM
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If you live or work in a state with state tax, definitely seek advice, even if you don't owe the IRS, you may still owe state tax, and I hear the state tax auditors make the IRS look like your best friend.
dipole
#7
Jan18-13, 11:35 PM
P: 440
I wouldn't owe them anything, but thanks for the advice. I was a dependent at the time, and I'm the one owed money, but I guess it's too late for that. Silly 17 year old me. :)
Borg
#8
Jan19-13, 04:16 AM
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Quote Quote by dipole View Post
I wouldn't owe them anything, but thanks for the advice. I was a dependent at the time, and I'm the one owed money, but I guess it's too late for that. Silly 17 year old me. :)
If you were claimed as a dependant on your parent's return, you couldn't file separately anyway.
Jimmy Snyder
#9
Jan19-13, 04:55 AM
P: 2,179
Quote Quote by Borg View Post
If you were claimed as a dependant on your parent's return, you couldn't file separately anyway.
This is not correct. He could file, he just couldn't claim himself as a dependent.
Borg
#10
Jan19-13, 05:40 AM
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Quote Quote by Jimmy Snyder View Post
This is not correct. He could file, he just couldn't claim himself as a dependent.
Oops.
Jimmy Snyder
#11
Jan19-13, 05:51 AM
P: 2,179
You needn't be embarrassed, it's a common misspelling.


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