Did you miss the tax deadline for your 2017 taxes?
Although you’re late, you can still file your late 2017 taxes. However, you won’t be able to e-file your tax return.
Dates to remember
The 2018 tax season ran from January 29, 2018, to October 15, 2018. The official tax deadline was April 17, 2018, due to April 15 falling on a weekend and Emancipation Day following after. The e-file and extension deadline was October 15, 2018; therefore, you are now required to mail your return to the IRS.
Can I still claim a refund?
Fortunately, you have three years from the original tax deadline to claim your refund. This means you have until April 15, 2021, to claim your 2017 refund. If you don’t postmark and mail your return by that date, your refund will expire. In other words, all unclaimed refunds go directly back to the IRS.
Determine your refund by using our 2017 tax calculator.
What if I owe the IRS?
There’s more than just one penalty to worry about when it comes to back taxes.
- Failure-to-file: You don’t file your tax return by the return due date, April 15, or extended due date if an extension to file is requested and approved
- Failure-to-pay: You don’t pay the taxes reported on your return in full by the April tax deadline
The failure-to-file penalty is 5% of your unpaid tax per month for up to five months or $210 (whichever is the lesser amount).
Keep in mind, the minimum filing penalty will kick in after 60 days of the return due date; including extensions. On top of that, the failure-to-pay penalty is 0.5% of your unpaid tax up to a maximum of 25%.
But, if both penalties are applied, the maximum penalty you can receive remains to be 25% of your unpaid tax. You can also request an IRS installment agreement using our site so you can arrange a way to pay your tax due.
Here’s what you need
Remember, you must report all of your income statements to the IRS; meaning all 1099 and W-2 income statements. If you lose your income statements and can’t request a copy of your income statement from your previous employer, contact the IRS.
You can request a Wage and Income Transcript from the IRS online or by mail using Get Transcript Online or Form 4506-T.
Click here for more information.
Can’t access your income statements?
If you’re waiting on your W-2 or 1099 statements and your employer or payer either didn’t provide you with one or gave you an incorrect form, there’s still a way to file. You can file Form 4852 as a substitute for your income statement to estimate your withholding and income.
First, contact the IRS at 800-829-1040 and provide your name, address, phone number, social security number, and employment dates; including your employer’s name, address, and phone number.
Next, the IRS will contact your employer and request any missing income statements along with Form 4852. You can use this form to file your tax return if you do not receive your income statements in time.
Finally, when you do recieve your statements, you will need to file an amended tax return (Form 1040X) with the accurate information to the IRS.
Let us help you
Use Priortax to save you a trip to a pricey tax accountant. Create an account, enter your tax information and submit your tax return for tax preparation. Lastly, download, print, sign and mail your tax return to the IRS and/or your state department of revenue.
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