Filing your back taxes is definitely important and is time sensitive. While your situation is less complicated because you are due a refund, it is an urgent matter for those who may have an outstanding tax liability. Taking action promptly is essential to avoid loss of refunds and potential penalties and interest that can accrue in the event of unpaid taxes.
Penalties for Not Filing
This is the best part of your situation: There is no penalty for failing to file a tax return if the government owes you a refund.
The "Failure to File" penalty is a percentage of the taxes you owe. Since you don't owe any taxes and are due a refund, that penalty doesn't apply. However, it's still a good idea to file as soon as you can to get your money.
The Refund Deadline
While you won't face a penalty, there is a deadline to claim your refund. You have three years from the original due date of the return to file and get your money back.
- For your 2022 tax return, the deadline was April 15, 2023. You have until April 15, 2026, to file and claim your refund.
- For your 2021 tax return, the deadline was April 15, 2022. You have until April 15, 2025, to file and claim your refund.
If you don't file before that three-year mark, you will lose the refund for that year. It's a "use it or lose it" situation.
Getting the Forms and Filing
- For the most recent tax year, you can file online using your TurboTax account.
- For older years, go here: File Prior Year Taxes You will have to use the desktop or CD/download version of TurboTax. You will only be able to e-file your 2024 return. You will not be able to e-file and will have to mail them in.
- TurboTax will not allow you to prepare a 2020 or earlier tax return on its online platform. You might be able to find and purchase a downloadable desktop version of the software from nationwide retailers, including Amazon, Walmart, Target, etc.,
Here's a step-by-step plan:
- Gather Your Documents: Start by getting all your W-2s, 1099s, and any other income forms for the years you missed. If you don't have them, you can request them from the IRS for free. This is the best way to make sure you have everything you need.
- Purchase TurboTax Desktop Software: You'll need to buy a separate version of the software for each year you need to file. For example, if you need to file for 2022 and 2023, you would buy both the 2022 and 2023 TurboTax Desktop versions.
- Complete and Print Your Returns: Work through each tax year one by one. Once you've entered all the information for a given year, print the completed return. Be sure to sign and date it.
- Mail Your Returns: You must mail each year's return separately to the appropriate IRS address. TurboTax will provide the correct address when you print the return. It’s a good idea to use certified mail with a return receipt so you have proof that the IRS received it.
Helpful Links:
Please feel free to reach out with any additional questions or concerns you may have and
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Terri Lynn
