How Do I File Late Tax Returns?
Filing late tax returns can lead to additional penalties. The Internal Revenue Service (IRS) does not normally send people to jail for late returns but strongly recommends to voluntarily correct any delays in filing. If there is any chance your tax return may be late, you should file for an extension to avoid additional penalties. To file an extension, fill out and file Form 4868, Application for Automatic Extension of Time To File U.S. Income Tax Return. You may also file Form 4868 online. This process is the same if you are filing late or filing with an extension. However, with an extension, there are no late filing penalties.
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Instructions
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Fill out Form 1040 or Form 1040-EZ. These are the same forms as when filing on time and should be followed exactly the same as if you were filing on time.
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Mail Form 1040 or Form 1040-EZ to the IRS. The address to mail the form can be found at irs.gov/file/index.html. Electronic filing is available but only until October 15, 2010.
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Pay any penalty or interest fees assessed by the IRS. Any penalties due will be mailed to you by either the IRS or state tax authority. If you are owed a refund there is no penalty, but you could lose your refund if you do not file within three years of the due date. Failure to file on time is a 5 percent penalty for each month you are late but no more than 25 percent.
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Create a payment plan with the IRS if paying the taxes would create hardship. Payment plans are available by filing Form 9465 if you owe less than $25,000. If you owe more than $25,000 in taxes, you must fill out Form 9465 and Form 433F.
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Tips & Warnings
If you do not file a return, the IRS may file a return for you. Normally these returns will not include all possible deductions if you would have filed your return.
References
- Photo Credit tax forms image by Chad McDermott from Fotolia.com
