I always thought April 15 is the deadline for filing tax returns and had to scramble to meet the deadline to avoid any penalties. However, I realized that is not true for those with tax refund. When you will be getting tax refund, you don't have to file by April 15(although it is good to file on time). You actually have three years to file the return when you expect refund from the government. April 15 deadline only applies for those who owe taxes. For those expecting refund, you don't have to worry about the April 15 deadline as long as you file within three years.Is my understanding correct?
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Yes, you do need to file a return within three years of the due date or you may forfeit any refund you're owed.
Yes, you do need to file a return within three years of the due date or you may forfeit any refund you're owed.
however, there will be a problem if the IRS finds errors or omissions that result in you owing which does happen. Then you owe a 5% late filing penalty for the first 5 months and a late penalty payment of .5% for each month thereafter. So if you wait the 3 years you can owe close to 40% in penalties plus interest plus the taxes.
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