Answers to your example questions

[user17581247209]

You posted these questions in your event page...can you kindly answer them?  🙂

• Am I going to have penalties for filing this late?
• Help, I owe taxes but can’t pay them!
• I'm missing a document to finish my taxes, what should I do?
• What happens if I make a mistake as I rush to finish and file?
• Can I still contribute to my retirement accounts?

[xmasbaby0]

• Am I going to have penalties for filing this late?

If you are getting a refund there is no penalty for filing after the April deadline.  If you owe tax due and did not pay when you requested an extension (or if you did not request an extension) then you are subject to late filing penalties and interest owed on the tax due.

• Help, I owe taxes but can’t pay them!

To apply for a payment plan with the IRS

Apply Online for a Payment Plan

• I'm missing a document to finish my taxes, what should I do?

You do not mention what tax document you are missing.   W-2's come from employers, so you need to seek your W-2 from the employer.   There are also many kinds of 1099's----what kind are you missing?

There are over a dozen kinds of 1099's.  A 1099NEC is typically issued by an individual or business for whom you performed work as an independent contractor, so seek a copy from them if you did not save yours.  Many of the other types of 1099's are issued by banks, brokerages and other financial institutions from which you can seek copies.   Or...are you missing a form from a lender, a college, etc., etc.?   You need to seek those forms from the issuer of the form.

You can get a wage and income transcript from the IRS:  It will not show the actual W-2, 1099’s, etc, but will show the income information the IRS received.  It will not, however, show your state information. It will only show the federal information.

https://www.irs.gov/individuals/get-transcript

What happens if I make a mistake as I rush to finish and file?

If you rush and make mistakes, then e-file a return that is accepted by the IRS, you will have to wait for the return to be fully processed and then amend to correct your mistakes or add your missing information.   Rushing to finish is a poor idea; slow down and file correctly and completely.   The process to amend can take months.

• Can I still contribute to my retirement accounts?

No.  The deadline to contribute to a retirement account for a 2024 tax return was April 15, 2025.

[dev145]

Contribution to retirement will depend on whether you filed an extension or not and the type of the account. If there was no extension filed, then you cannot contribute to any retirement plan but if there was an extension filed, you can still contribute to  Self Employed retirements plans. The exact date and which contributions are allowed depend on your business structure and when the plan was established. 

Some of the most common retirement plans for self-employed are Solo 401k, SEP IRA and SIMPLE IRA. 

Deadline to open Solo 401k is Dec 31st in the year you want to contribute so for 2024 tax year, that deadline has passed. 

The deadline to establish and contribute to a SEP IRA is your business's tax filing deadline, including any extensions.

You can set up a SIMPLE IRA plan effective on any date between January 1 and October 1, provided you (or any predecessor employer) didn't previously maintain a SIMPLE IRA plan. This plan also has to be opened during the tax year in order to contribute.  

Three are also some other retirements plans. See below for more info. about different types of plan. 

https://www.irs.gov/retirement-plans/retirement-plans-for-self-employed-people

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