Can I Netfile My Tax Return For The Years 2010201120122013201420152016 2017 Do I File My 2016 Return Using 2016 Turbotaxdo I Use 2017turbotax To File 2017 James
I am trying to file tax returns for a friend . I have to file for the years 2010,2011,2012, 2013,2014,2015,2016,2017,2018. Can I netfile my tax return for all of these years? How do I net file for prior years? Do I file my 2016 return using 2016 TurboTax? Then move to 2017 TurboTax tofile the 2017 Income Tax Return? James 5 June 2019
Should You Prepare Your Tax Return By Hand Or Use Tax Software
Preparing your taxes on your own has never been easier. Tax filers have options today that were unavailable just a few short years ago. If you are in a position where do-it-yourself tax preparation is realistic then your first choice will be whether or not you will use tax preparation software such as TurboTax, H& R Block at Home or TurboTax Canada or prepare your tax return by hand. Here we look more closely at the options to see which if either is preferable:
Read my comprehensive review of popular tax software program TurboTax.
Unclaimed Federal Tax Refunds
If you are eligible for a federal tax refund and dont file a return, then your refund will go unclaimed. Even if you aren’t required to file a return, it might benefit you to file if:
Federal taxes were withheld from your pay
You qualify for the Earned Income Tax Credit
You may not have filed a tax return because your wages were below the filing requirement. But you can still file a return within three years of the filing deadline to get your refund.
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What Happens If You Havent Paid Taxes In Years
If you havent paid your taxes in years, it is possible that the IRS will seek to recover those funds from you in a number of ways. This may include garnishing wages from your paycheck, placing a lien on your home or other high-value property, or come directly for your bank account. The IRS may also withhold future tax returns until your tax bill has been paid down.
There are other penalties you may face, as well. If you owe more than $51,000 in taxes, the government can refuse to issue you a passport. The IRS may also choose to refer your outstanding tax payment to a private collections agency, which will likely be much more aggressive in trying to recover the funds.
There is a 10-year statute of limitations on unpaid taxes, meaning in most cases the IRS cannot pursue taxes owed that go back beyond a decade. There are some exceptions, but in most cases, the agency will have to drop its collection efforts.
If You Have A Balance Due:
If you haven’t paid all of the tax you owe by the filing deadline:
- You’ll likely end up owing a late payment penalty of 0.5% per month, or fraction thereof, until the tax is paid.
- The maximum late payment penalty is 25% of the amount due.
- You’ll also likely owe interest on whatever amount you didn’t pay by the filing deadline.
If you didn’t get an extension,
- You are also looking at a late filing penalty of 5% of the unpaid tax per month, plus interest.
- The maximum late filing penalty is 25% of the amount due.
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Create An Online Irs Account For Easy Access To Your Tax Information
Setting up an online IRS account is a great way to quickly obtain your tax information required to file your tax return, such as your W2s, 1099s, and other tax forms, without contacting the agency by phone or mail .
You can also check payment balances, tax return processing status, set up payment arrangements, and view prior-year tax returns.
The process takes 15 minutes, and youll need to enter your contact information, date of birth, Social Security number or Individual Tax Identification Number , tax filing status and current address. You will then need to verify your identity by providing your account number from a credit card, student loan, mortgage, or auto loan.
How Long It Takes The Irs To Process A Tax Refund
Typically, the IRS issues a refund within 21 days of accepting a tax return. If you file electronically, the IRS can take up to three days to accept your return. If you mail in your return, it can take three additional weeks . You should count another week into your time estimate if you request your refund as a check rather than a direct deposit. Check our 2020 tax refund schedule for more information or use the IRS2Go app to learn your status.
For 2020 tax returns, the IRS said it planned to issue more than 90% of refunds within 21 days of e-filing. Some refunds could take as little as 14 days. This, of course, was before the coronavirus pandemic hit and health directives closed offices, including at the IRS.
The closure did not significantly affect processing times for returns filed electronically. But as noted earlier, paper returns were simply not processed, creating a huge backlog. The IRS opened offices in June for core-mission services, including processing paper returns, but workers started on the backlog first. So if you are mailing in your return just now , you should expect a very long delay. The IRS is not even providing an estimate for how long.
For reference, tax season in 2021 began on February 12. So the earliest date taxpayers get a refund this year was February 26 for direct deposits and March 5 for paper checks.
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How And When To File Your Tax Return
Learn how to fill out your return using tax preparation software or on paper.
The deadline for filing personal income tax returns and paying outstanding income tax is . After April 30, penalties and interest start to apply to any outstanding balance owed.
If you are self-employed or filing for someone who has passed away, please see the CRAs website for filing deadlines.
Worried About Paying Taxes Owed For The 2019 Income Tax Season
You still have time. The CRA is extending the payment due date for current year individual, corporate, and trust income tax returns, including instalment payments, from Penalties and interest will not be charged if payments are made by the extended deadline of September 30, 2020. This includes the late-filing penalty as long as the return is filed by September 30, 2020.
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Help Filing Your Past Due Return
For filing help, call 1-800-829-1040 or 1-800-829-4059 for TTY/TDD.
If you need wage and income information to help prepare a past due return, complete Form 4506-T, Request for Transcript of Tax Return, and check the box on line 8. You can also contact your employer or payer of income.
If you need information from a prior year tax return, use Get Transcript to request a return or account transcript.
Get our online tax forms and instructions to file your past due return, or order them by calling 1-800-Tax-Form or 1-800-829-4059 for TTY/TDD.
If you are experiencing difficulty preparing your return, you may be eligible for assistance through the Volunteer Income Tax Assistance or the Tax Counseling for the Elderly programs. See Free Tax Preparation for Qualifying Taxpayers for more information.
Save The Right Paperwork All Year Long
Stay on top of tax-related paperwork throughout the year it will make your life easier during tax season. You might want to keep receipts for things like charitable donations, work-related expenses and medical bills, or other items from step 4. You may also want to keep statements from student loans or investments and any grants or fellowships. Having these handy and organized can help you determine whether to itemize and make the process easier. You should keep your paperwork after you file, too. The IRS recommends keeping records for at least three years.
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Filing As Head Of Household If Youre Separated
Youre not necessarily limited to filing a joint married or separate married return if the IRS says youre still married, because you dont have a final court order yet, nor must you absolutely file a single return if youre technically divorced. You might qualify for another filing status: head of household.
Filing as head of household allows you to claim a larger standard deduction$18,650 in tax year 2020and you can earn more income before climbing into a higher tax bracket as well.
You might qualify as head of household, even if your divorce isnt final by December 31, if the IRS says youre considered unmarried. According to IRS rules, that means:
- You and your spouse stopped living together before the last six months of the tax year.
- You paid more than 50% of the cost of maintaining your home for the year.
You must also meet a few other requirements:
- You must have a dependent. This would typically be your child, but other relatives can qualify, too. Your dependent must have lived with you for more than half of the year, but some relatives, such as your parents, don’t have to live with you if you pay for more than half of their living expenses elsewhere.
- You must file a separate tax return from your spouse to claim head-of-household filing status.
What Changes For 2020 Taxes Do I Need To Know About
For tax year 2020, the IRS has changed individual income tax brackets, adjusting them for inflation. There are also new temporary regulations created by last year’s CARES Act around charitable deductions, IRA and 401 plans and student loans that may affect how you prepare your taxes. The major changes include:
CNET has rounded up all of the changes to the tax rules this year, and there are even more details on the IRS website. And there are plenty of companies that would love to help you prepare your taxes — for a fee, of course. CNET Money has prepared a wealth of tax resources to help you, including a series of articles covering the 2020 tax season from every angle.
Tax filings needed to be postmarked by May 17.
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No Income: Do You Still Need To File Your Taxes
There are many reasons why some Canadians might not have had an income last year. Stay-at-home parents, job loss, and injury are just a few of the potential scenarios that prevent people from earning an income. But the question, is if you’re one of these Canadians, does that mean you get to skip filing your taxes this year? Interestingly enough, the answer isn’t a simple yes or no. Most people in Canada will have to file a tax return, even if they made no income. However, to make it easy for you, here is a list from the government, specifying when you have to file your taxes.
As you can see, there probably aren’t a lot of Canadians who don’t fit these criteria. In other words, you probably have to file your taxes this year.
Consider the benefits
Even if you’d rather not file your taxes, consider all the tax benefits in that list. With zero income, you can also still cash in on tax breaks and credits. For instance, the child tax benefit is available for most Canadian parents regardless of employment status. That’s a significant amount of money each month that could make a real difference to your finances.
You can also claim things like medical expenses, educational expenses, and child care expenses. The more expenses you can write off, the greater chance you’ll get a refund. Or, if you’re out of work due to a disability, there are also disability deductions and credits that earn you some cold, hard cash.
It’s easier to file!
What Happens If You Dont Owe Taxes Or Get A Tax Refund
Most Americans get a tax refund after filing their federal and state taxes. This occurs when you have paid more in taxes over the course of the year than you owe. Most employers withhold money from each paycheck, which go toward your taxes but those withholdings typically dont account for the rebates and credits that you may be eligible for, resulting in the government needing to pay you back in the form of a tax refund.
If you fall into this category, owing no taxes to the government or being owed a tax refund, then there is no penalty that occurs for not filing your taxes. However, you wont receive your tax refund until you do file your taxes. There will be no penalty for filing late, just get the paperwork in to the IRS so they can process your taxes and issue the refund. Technically, you have three years to file taxes and receive a refund.
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Can I File My Taxes Online For Free If Im A Non
Yes. TurboTax makes it easy to file your Candian tax return as a non-resident. In fact, if youre a non-resident you can use any of the TurboTax Online products, including TurboTax Free. For more info, read about How Residency Status Impacts Your Tax Return
With more than 20 years experience helping Canadians file their taxes confidently and get all the money they deserve, TurboTax products, including TurboTax Free, are available at www.turbotax.ca.
You Can Still Get Your Taxes Done For Free
To follow social distancing guidelines, some community organizations are still hosting free virtual tax clinics. If youre eligible, a volunteer can help you file your return over the phone or by video conference. These clinics are offered through the Community Volunteer Income Tax Program and The Income Tax Assistance Volunteer Program in Quebec.
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Will I Owe The Irs Money For This Year’s Child Tax Credit Checks
The short answer is no, but you still need to know some financial details. Child tax credit checks don’t count as income, so you won’t have to pay income tax on the payments, Mark Jaeger, vice president of tax operations at TaxAct, told CNET. The IRS refers to these checks as “advance” payments ahead of 2021 tax season: “That means you’re simply getting the payments sooner rather than waiting to receive that money when you file.”
While you won’t pay taxes in 2022 on the payments you receive this year, you still may need to repay the IRS some part of the advance payment when you file your income tax return in 2022.
What If I Can’t Pay My Tax Bill
If you can’t afford to pay your tax bill in full on the deadline, don’t pull out your credit card or ignore the situation.
The IRS offers reasonable payment plans at much lower interest rates than most banks. You may even be able to settle the bill for less than you owe, called an offer in compromise, or request a deferment until you can make a payment. Offers in compromise and requests for deferment require additional paperwork and must be approved by the IRS.
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File For An Extension By Tax Day
If you can’t finish your return by the May 17 tax deadline, file IRS Form 4868. This will buy most taxpayers until Oct. 15 to file their tax returns. See more about how extensions work.Note: A tax extension gets you more time to file your return, not more time to pay your taxes. You still must pay any tax you owe, or a good estimate of that amount, by the tax deadline. Include that payment with your extension request or you could face a late-payment penalty on the taxes due.
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How To File An Extension
To file an extension, submit IRS Form 4868 electronically by the filing deadline on May 17. You can also do it for free using any of the Free File software offered by the major tax preparation companies. These often help you estimate your tax due so you can make a payment.
Another option is to print out the form and send it to the IRS address for your state by the deadline.
Even if you file an extension, you still need to pay what you owe by May 17. If you underestimate that amount, you could end up paying interest on what you dont pay.
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Here Are Some Things Taxpayers In This Situation Should Know:
- Penalties and interest are only added on unfiled returns if the taxpayer did not pay taxes by the April deadline. Taxpayers who did not file and owe tax should file a tax return and pay as much as they are able to now. If they cannot pay the full amount, they should learn about payment options. These can reduce possible penalties and interest added to the amount the taxpayer owes.
- IRS Free File is available on IRS.gov through October 15.
- Military service members and eligible support personnel in combat zones
- U.S. citizens and resident aliens who live and work outside the U.S. and Puerto Rico