- #1
dipole
- 553
- 149
I have a W-2 from 2007 which I never filed for an income tax refund... is it still possible to file this?
Can You File a Tax Return for a Previous Year with an Old W-2?
Click For Summary
Discussion Overview
The discussion revolves around the possibility of filing a tax return for the year 2007 using an old W-2. Participants explore the implications of filing late, including potential refunds and penalties, as well as the relevance of being claimed as a dependent during that tax year.
Discussion Character
- Debate/contested
- Technical explanation
- Conceptual clarification
Main Points Raised
- One participant questions whether it is still possible to file a tax return for a W-2 from 2007.
- Another participant mentions a three-year statute of limitations for tax refunds.
- Some participants suggest that if filing would decrease tax liability, it may be too late, while if it would increase liability, immediate professional advice is necessary.
- Concerns are raised about penalties for not filing for three years, with a suggestion that filing is still advisable regardless of the situation.
- A participant emphasizes the importance of consulting a CPA, especially for state tax considerations.
- One participant reflects on their situation as a dependent at the time, expressing regret about not filing.
- There is a clarification regarding the ability to file even if claimed as a dependent, which leads to a correction of a previous statement.
- A later reply acknowledges a mistake in understanding the dependent filing rules.
Areas of Agreement / Disagreement
Participants express differing views on the feasibility and implications of filing a tax return for the past year. There is no consensus on the best course of action, and some points remain contested, particularly regarding the rules for dependents.
Contextual Notes
Limitations include the lack of clarity on specific tax rules and the potential consequences of late filing, as well as the varying interpretations of dependent status and its impact on filing options.
- #2
Jimmy Snyder
- 1,137
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I am not an expert, I just googled this. You should get expert advice.
Three year statute of limitations.
Three year statute of limitations.
- #3
Vanadium 50
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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.
- #4
russ_watters
Mentor
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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.
- #5
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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.
- #6
Evo
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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.
- #7
dipole
- 553
- 149
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. :)
- #8
Borg
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If you were claimed as a dependent on your parent's return, you couldn't file separately anyway.dipole said:
- #9
Jimmy Snyder
- 1,137
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This is not correct. He could file, he just couldn't claim himself as a dependent.Borg said:
- #10
Borg
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Oops.Jimmy Snyder said:
- #11
Jimmy Snyder
- 1,137
- 21
You needn't be embarrassed, it's a common misspelling.
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