Presuming your right, and you don't owe anything...in fact you may well have a refund or credits coming...you won't owe any penalty.
However, all the more reason to file...either your missing a benefit...or because the statute of limitations, (that is how long your return remains open to audit), can't close until you file and let it run. That is because the SOL, which is really about 3 years from the time you file, doesn't start running (until you file)...so the possibility of audit remains perpetually open. That audit, is something you don't want...to prove and substantiate you didn't owe taxes...prove and substantiate all your income and expense, years latter.
Also worth noting is that you only have three years to claim the refund. You have until April 15, 2010 to file that return or your refund will be lost forever.
April 15
For federal taxes, penalties and interest start accumulating on April 16. But the IRS does not send bills for trivial amounts. Even if you cannot pay the full amount (or cannot pay at all), get your return filed by April 15. (Or at least get an extension filed by April 15 and file the return by October 15 whether you can pay or not.) The penalty for not filing on time is TEN TIMES as much as the penalty for not paying but filing on time.
Complete 1040-V payment voucher and mail it immediately. I would suggest including a letter of explanation with it so that you might not be assessed a penalty for not paying when filed.
FBI
how much money can you earn per year, without having to pay taxes, i was told it was approximately $8,000, is that correct?
April 15
Yes on peoplesearch.com but it cost money
If you cannot get money from any other source and you need money for something like staving off foreclosure (financial hardship), you can withdraw money with no penalty. Taxes would be need to be paid and you can only withdraw the exact amount you need.
Get your 2008 taxes filed on time (or at least file an extension) even if you are not done with your 2007 taxes. You have already reached the maximum failure to file penalty for 2007. If you don't get your 2008 taxes filed on time, you will get a whole new set of penalties for 2008.
No, each year has to be filed separately
Filed 2009 State and Federal Taxes but was unable to print them out. How do I know if they were filed?
The question should say "age 59 and 1/2 years." For whatever reason, 59.5 years is the age at which you can start withdrawing funds from your 401K without penalty. Before 59 and 1/2, the penalty for early withdrawal is 10% of the taxable amount of your withdrawal. You can also withdraw money from your fund without the 10% penalty if you are leaving your employer when you are at least 55 or you become disabled. If you are eligible to withdraw money from your fund then you have to pay income taxes on the withdrawal. However, you do not have to pay income taxes if the money you withdraw go into a different employer sponsored plan or an Individual Retirement Account (IRA).
The answer is YES. The IRS does not care if you lost all your money gambling you are still responsible for paying taxes on the money you earned. The man concern I have here is that you have never filed your returns. This leaves you open to criminal charges for tax evasion. It is not illegal toowe money to the IRS but itis illegal not to file your annual tax returns. Make sure you get your returns filed and then the remaining debt can be negotiated with the IRS on how it is paid back. For more information check out www.taxdollarsandsense.blogspot.com.
do 2010 taxes have to be e-filed
For federal taxes, penalties and interest start accumulating on April 16. But the IRS does not send bills for trivial amounts. Even if you cannot pay the full amount (or cannot pay at all), get your return filed by April 15. (Or at least get an extension filed by April 15 and file the return by October 15 whether you can pay or not.) The penalty for not filing on time is TEN TIMES as much as the penalty for not paying but filing on time.
Complete 1040-V payment voucher and mail it immediately. I would suggest including a letter of explanation with it so that you might not be assessed a penalty for not paying when filed.
The penalty is normally about 10% of the money you pull out. Additionally, you'll have to pay taxes on that money. Finally, you'll miss out on potential gains by not having the money in the market. I wouldn't recommend cashing out your 401(k) early unless it is for a dire emergency.