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by deadlock on January 13th, 2006

deadlock

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Does anything happen to you if you haven't filed taxes for over 10 years?

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Answers. 6 helpful answers below.

  • by RedJohn on January 16th, 2006

    RedJohn

    If for any reason your name pops out of the system for a routine audit or any other reason, you would certainly be required to file income tax statements for all of those years.

    When you have completed all the back paperwork, you will find yourself either qualifying for a refund, which happens more often than one might think, or having to pay any outstanding arrears. You would have to pay interest for any outstanding payment, dating from the filing deadline for the year the taxes were owed, which could be for the entire ten year period. Since you had failed to file at all for a substantial period of time, while knowing that it was required by law, you could have a substantial penalty imposed.

    It is always a good idea to file your income tax, not only because you avoid any penalties and interest charges if you owe money, but because you may be due a refund. I have filed income taxes for over 30 years and I believe that I have owed money on one or two occasions. Some of the refunds have been quite substantial - sometimes several thousand dollars.

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  • by notquitered on May 7th, 2008

    notquitered

    I agree with the other posters except for one point. If you file and they owe you money you can only claim the last three years worth. They on the other hand...

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  • by DA BEN DAN yanggui zi on January 16th, 2008

    DA BEN DAN yanggui zi

    not if the government owes you money...

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  • by Clueless? on January 16th, 2008

    Clueless?

    The last time I worked was in the year 2003 I didn't file for my taxes because I only worked for about 2 months I recently started a job and I was wondering what will happen since I didn't file for my taxes in 2003?

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  • by GingerL on May 4th, 2006

    GingerL

    For any years a refund is due to you, you will not be penalized. The IRS may only asess a penalty for years you did not file and there was a balance due.

    If you had taxes withheld from your paycheck, it is very likely that you will have a refund due to you for many of those years, and you may still claim it.

    If you did not have taxes withheld, or you were self-employed and did not pay estimated taxes, I would strongly suggest that you retain the services of an accountant or lawyer that specializes in tax delinquencies. You should do this as soon as possible because the option of an offer-in-compromise will not be available to you if the IRS discovers your delinquency first.

    You should file and pay your taxes every year. If you find that you are unable to pay current taxes due, you may request an installment agreement from the IRS who must grant it for amounts, I belive, under $10,000. You will still pay interest, but will avoid the hefty penalties and possible criminal prosecution for neglecting to file

    --This is not legal advice--

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  • by Anonymous on January 21st, 2006

    Anonymous

    I have paid and filed taxes since the age of 12. I am 41, almost 42 and rarely, except for two or three times, received a refund ONLY because my father taught me to estimate my taxes. Any refund is not really a "refund" at all. It would be my own money that I needlessly overpaid or withheld from my income, which would have missed out on earning interest. Unfortunately, you would end up paying penatlies for not filing, even if you didn't owe a dime. Sad, but true.

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