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E-Filing My Previous Year Tax Return

Posted by on March 28, 2024
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It is a common obligation for individuals to submit their annual income tax return to the IRS. Notably, the Internal Revenue Service (IRS) maintains a registry of individuals obligated to file taxes but failing to do so, leading to potential repercussions for non-compliance and missing previous year tax return. In more severe instances, repercussions and ensuing complexities may arise as a result.

When individuals neglect to submit their overdue previous year tax returns, they may face repercussions from the IRS, such as incurring penalties and interest, having refunds withheld, or having the IRS file a return on their behalf that excludes many potential credits and deductions they could have claimed.

Understanding the process of submitting taxes from previous years is crucial. Though it may seem overwhelming at first to grasp the ins and outs of filing past year tax returns, the effort put into filing is truly beneficial.

Equipped with proper advice from a free PriorTax dedicated Tax Professional, you will swiftly regain your footing and experience the comforting assurance of being in good standing with the IRS. 

previous year tax return

Can I File Previous year Tax Return?

Should you still need to submit a federal income tax return from previous years, you may be questioning your obligation to file those tardy returns now. In the majority of instances, the response to this query is affirmative. However, if you still need to meet the stipulated filing criteria, the necessity to file a tax return for a prior year is waived.

Other reasons you’d need to file Previous Year Tax Return

In certain tax scenarios, there may be a need for you to submit tax returns for previous years, particularly when you have outstanding special tax obligations, such as the following:

  • Unfiled Self-employment tax on $400 or more income
  • Household employment taxes
  • AMT (Alternative Minimum Tax)
  • Additional Taxes on qualified plans
  • Social Security and Medicare taxes on:
  • Tips that wasn’t reported
  • Tax Benefits you’ve missed out on, like recapturing taxes from the First-Time Homebuyer Tax Credit
  • Wages with no withholding taxes
  • Unreported Social Security and Medicare or Railroad Retirement Tax
  • Group-term life insurance 
  • Archer MSA
  • Medicare Advantage MSA distributions
  • HSA (Health Savings Account) Distributions

Benefits of Filing Previous Year Taxes

In situations where filing is not mandatory, it is advisable to consider submitting a tax return for previous years, even if it is past the deadline. Doing so allows you to receive a refund of income tax withheld or any refundable credits for a period extending back up to three years.

In the event that you are a business owner, you might qualify for a net operating loss carryover if your business expenses surpass your income in a specific year. Moreover, settling self-employment tax arrears and fulfilling the necessary filings will prompt the IRS to transmit the payment details to the Social Security Administration.

In the event that payment is not made, credit will not be received for outstanding balances once an individual applies for Social Security benefits.

Free Support When Filing Previous Year Tax Return

Navigating the process of submitting tax returns that are past due may seem daunting, yet it’s important to know that you don’t have to tackle it alone. With the help of PriorTax’s online E File system for prior years and the expertise of our experienced dedicated tax professional, we are committed to guiding you through the process of filing your overdue taxes.

Seeking help with filing a delayed tax return, looking into payment options, dealing with compliance issues, and communicating with the IRS? Find reliable support with the services offered by PriorTax.

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