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| *Loan,banking and credit>>>tax year |
I claimed exempt on taxes. Now i received a letter about 3 years of not filing? SCARED STIFF!!!? |
I received a letter a couple days ago from the gov about 3 years of unfiled taxes. I've never made over 5000 a year from part time jobs. I've always been a full time student and my parents still claim me on their taxes. What should be my next step First of all, CALM DOWN! You very possibly don't owe anything, and might even have a refund coming if you had any taxes withheld. If you never made over $5000 a year, you might not even owe anything depending on how the money was made. If it was all as an employee with a W-2 issued at the end of the year, you're probably OK. Did the letter have numbers on it as to what they think you owe, or why they think you should have filed? The letter should have told you what to do from here. The letter should have a phone number on it - you could call them and ask what needs to be done to clear this, since you don't think you were required to file for those years. I'm assuming that this letter came from the IRS. If it was from your state, it's possible that you do owe something - state laws are all different, and some require you to file even if you don't owe. Good luck, and feel free to email me if you don't get this resolved easily. By the way, some of the answers above are incorrect. Since you had income, you have to file even if you end up owing no tax. That's the law. You better get the last three years filed or they will drive you crazy. Contact the IRS and get all of your paperwork together. You may want to contact an accountant to help you make sure that you have everything in order. Don't wait on this take care of it as soon as possible. You don't want to piss off the tax man. You will be fine. It has been years ago, but I was in a similar situation. On the letter, they told you what you would need to do. You may need to prove the amount you made during the 3 years, and you may need to be able to dispute a document. You said you were a student. With certain federal fundings, you are required to file taxes even if you are exempt. Did you pay taxes on the money you earned (the $5k)? If so, you may be due a refund. Do not be scared. You will be fine. Just follow the steps outlined in the letter. You can just go ahead and file the past 3 years of tax returns--that's what I would do. You will probably not even owe any taxes or penalties since you are most likely due a refund for those years anyway. You can download the forms from the IRS website for the past 3 years and just mail them in. My older children always filled out a 1040EZ when they were in school and had part-time jobs. They always got refunds too of anything paid out in taxes. If you claimed exempt it's very likely that you will break even and not owe the gov't anything---they just need to see the returns though so don't panic or worry about anything! I think you will be fine. . next step is fill out and file those last 3 years of tax returns. At the least you'll find out if you owe the irs anything. My brother didn't file for a period of time and when he finally did he got $2500.00. If you owe them you get penalties and interest added. But if they owe you you'll just get the money you were due. |
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