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posted Jun 6, 2019 6:05:25 AM

Late submission of taxreturn forms

I failed to submit taxreturn form by Apr.15 for the year of 2016.I currently live in Japan. I withdrawed $5000 from my IRA account and $500 withheld by Fed. gov.  Can I submit tax forms to release $500? Or is it too late?  I withdrawed the money for living cost since everything is expensive here.

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1 Best answer
Level 15
Jun 6, 2019 6:05:27 AM

Yes and no.

You have three years to file a later tax return and still get a refund. So, it is not too late to file. You should not delay, as you could be hit with a failure to file penalty.

But, you are unlikely to get a refund of that $500 withholding,.if you are under age 59-1/2. Expensive living is not an exception to the 10% early withdrawal penalty. In addition, the withdrawal is subject to income tax.

1 Replies
Level 15
Jun 6, 2019 6:05:27 AM

Yes and no.

You have three years to file a later tax return and still get a refund. So, it is not too late to file. You should not delay, as you could be hit with a failure to file penalty.

But, you are unlikely to get a refund of that $500 withholding,.if you are under age 59-1/2. Expensive living is not an exception to the 10% early withdrawal penalty. In addition, the withdrawal is subject to income tax.