Tax filing question

[Actuary321]

I have misplaced a couple of documents required for filing (A W2 and something that documents a deduction).

I know about how much is on each one.

I know I can't get them replaced before midnight tonight. I also know I will get a refund back. I have software to file electronically.

What should I do?

[whisper]

I have misplaced a couple of documents required for filing (A W2 and something that documents a deduction).

I know about how much is on each one.

I know I can't get them replaced before midnight tonight. I also know I will get a refund back. I have software to file electronically.

What should I do?

If you file completely electronically and go completely paperless, you don't need the W2 forms. The software to file electroncially will create one for you and send it in.

[violaactuary]

There isn't a deadline to file if you are getting a refund. You just have to file within 3 years to get a refund. Just don't file it until you get the docs... if you are sure. If it will make you feel better, do a quick 1040 using your estimates and file an extension showing your estimated tax paid and 0 on amount due.

[whisper]

Also, check to see if the company participated in the electronic W2 option. You may be able to get them from the web.

[Klaymen]

Or you could file the wrong numbers and submit a 1040X with the correct ones and get the difference. I doubt if you will find that suggestion attractive.

[violaactuary]

So what did you do???

[Actuary321]

I debated long into the night but decided to wait, but didn't go file the extension. I hope I don't get into trouble. But I should be done before the end of the month so even if they complained by the time they get to me, I will have complied and my understanding is that is what they want anyway.

[violaactuary]

I debated long into the night but decided to wait, but didn't go file the extension. I hope I don't get into trouble. But I should be done before the end of the month so even if they complained by the time they get to me, I will have complied and my understanding is that is what they want anyway.
You'll be fine. In fact, they will thrilled that they have additional time to retain your refund.

[The Waiting Hurts]

I debated long into the night but decided to wait, but didn't go file the extension. I hope I don't get into trouble. But I should be done before the end of the month so even if they complained by the time they get to me, I will have complied and my understanding is that is what they want anyway.One year I filed pretty late into the year, didn't seem to matter much. I still got my refund.

[Maine-iac]

You should have filed the extension. There is a penalty, though the IRS is less aggressive in chasing those who do not owe taxes.

http://money.cnn.com/2006/04/17/pf/tax_avoidance/index.htm

The sooner you get it in, the less likely you are to have a problem.

[Steve Grondin]

You'll be fined.
IFYQ

Don't ever not file (assuming you need to), just file for an extention, paying what you think you owe (in your case $0). If you underpay, you will pay interest.

Sorry I didn't see this earlier.

[violaactuary]

You are required to file even if you are going to get a refund. Even if you are not required to file, you need to file if you are due a refund from income tax withheld from your pay, or you qualify for the earned income credit or the additional child tax credit.

Late filing penalties are based on the amount owed. If you have a refund coming there will be no penalty.

While you can file the original tax return at any time, the amount of any refund cannot be more than any tax paid within the 3-year period (plus any extension of time for filing your return) immediately before you filed the claim. The time you file your claim may be based on the postmark date for this purpose. Income tax withheld from wages and estimated income tax payments (made before the due date without regard to extensions for the original return) are considered paid on the due date.

[GefilteFish144]

Looks like more people filed electronically this year. I waited in line at the PO yesterday for just 10 minutes before getting service.

[Actuary321]

You should have filed the extension. There is a penalty, though the IRS is less aggressive in chasing those who do not owe taxes.

http://money.cnn.com/2006/04/17/pf/tax_avoidance/index.htm

The sooner you get it in, the less likely you are to have a problem.I'm still trying to figure out what the penalty is if they owe you. From your article:
If you've let your returns slide this year and you owe money, the IRS will right off the bat levy a failure-to-file civil penalty. The IRS will hit delinquents each month with 5 percent of the tax not paid by the due date, but not more than 25 percent in total. So if you owed the agency $5,000, you'd face $250 a month, or $1,250 after 5 months of delinquency.

The IRS urges everyone to file, even if they think they don't owe money. "If you owed nothing, there would be nothing to assess penalties against," said an IRS spokesperson. "But there's always the possibility that the taxpayer made a mistake, and then they'd be subject to interest penalties and tax."

"Even if there are no taxes owed, it's still against the law not to file if you have a filing requirement," a spokesperson said. In most cases, if people make over $8,200 a year, they're required to file.

If you're required to and didn't file, the IRS will mail you a notice stating that the your return is still due.

If you still haven't filed after 60 days (that's Saturday, June 17th, for the delinquents in the audience), the agency institutes a minimum penalty - the smaller of either $100 or 100 percent of the unpaid tax. So if you'd had been facing only the 5 percent penalty before, you could face a jump in the penalty after 60 days.Lesser of $100 or 100% of 0 is 0.

[_BullDog_]

I'm still trying to figure out what the penalty is if they owe you. From your article:
Lesser of $100 or 100% of 0 is 0.

Don't file until july 7th and let us know what happens.

[violaactuary]

What happens is you will get a letter saying "we have not received your tax return" and there will be a fill-in-the-blank form where you can tell them why you feel like you don't have to file, or a check box saying, enclosed is my return. You send it in. If it is within 3 years and you are due a refund, they will send it to you.

Most likely that letter will not go out after 60 days. More like 12-24 months.

[Steve Grondin]

Late filing penalties are based on the amount owed. If you have a refund coming there will be no penalty.


Very interesting. I never read past the point of "penalty" to examine the amount of the penalty. Not much of a penalty if it is 0.

[Mark Cavazos]

It is always best to file. Even if you have to file an X later. I know some people who work for the IRS (personal income tax area, not pensions). They are pretty nice people. Still, I do not want to get on their radar screen, because they might keep me in their sights for years to come.