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How to File Previous Year Taxes

Posted by admin on March 28, 2024
Last modified: April 2, 2024

In cases where people fail to file their previous year taxes, they can potentially encounter consequences from the IRS. This may include facing penalties and interest charges, having tax refunds held back, or having the IRS prepare a return on their behalf that could miss out on valuable credits and deductions.

If you ever find yourself in a predicament requiring the filing of previous year taxes, rest assured that the process is quite straightforward. A dedicated PriorTax Tax Professional will guide you through the necessary steps to tackle this task efficiently.

It is essential to comprehend the steps involved in filing taxes for previous years. While the process of submitting past tax returns may appear daunting initially, taking the time to understand and complete the necessary steps can be highly advantageous in the long run.

1. Get the Information Needed to File the Previous Year Tax Return.

To kick start the process, the first step is to reach out to the IRS and request your wage and income transcripts. These transcripts are crucial in pinpointing key information from Tax Forms W-2 and Tax Forms 1099, which you can leverage to complete a prior year’s tax return. Additionally, ordering a transcript allows you to review any estimated tax payments or credits that have been recorded in your account for that specific tax year.

When considering self-employment, investments, or any unreported income, ensure to gather relevant details. Assess potential deductions and credits for which you may be eligible. Make it a priority to submit your filings promptly and prepare to settle any outstanding taxes to prevent potential enforcement measures like a substitute for return, levy, or lien.

When submitting your belated return, it is important to note any unique handling requirements, such as time-stamping or submitting to an IRS compliance division. Assess the timeframe for which you need to file. To meet IRS compliance standards, you are typically asked to file returns for the current year and the preceding six years if you have multiple overdue returns.

previous year taxes

2. Submit My Previous Year Tax Return.

Ensuring the accuracy of your tax returns is crucial. Utilize PriorTax Previous Year Tax Filing to bring your previous years’ returns up to date. Verify your return by comparing it to your IRS transcripts to confirm that your entire taxable income was properly disclosed to the IRS, along with the inclusion of your total withholding/estimated tax payments during the calculation process.

In the event that you find yourself with a debt that you are unable to settle in full, it may be beneficial to explore the option of arranging a payment agreement. Additionally, if deemed applicable, it might be worthwhile to include a request for penalty relief along with your submission.

When dealing with the need to file multiple returns, the process can become more complex and challenging, leading to potential penalties and outstanding balances. In such situations, it is advisable to explore various options for penalty relief to address the complexity effectively.

Be sure to obtain documented proof of submission to safeguard yourself if the IRS fails to handle your tax return or if you face any compliance issues, such as receiving a notice for IRS collection, a Tax Lien, a Tax Levy, or an investigation for unfiled previous tax returns.

3. Track My Tax Return Processing and other Tax Compliance Procedures.

In order to confirm the processing of your return, reach out to our PriorTax Tax Professional to the IRS. This step is crucial, particularly if the IRS has already initiated procedures related to the unfiled previous year tax return, like submitting a substitute for a tax return.

Support for Filing Previous Year Tax Returns

Submitting overdue tax returns can feel overwhelming, but remember that you are not on your own in this process. From utilizing PriorTax’s previous year online E File and consulting our dedicated tax professional we are here to assist you in filing your previous year taxes. When you need assistance submitting an overdue tax return, exploring payment alternatives, addressing compliance matters, and engaging with the IRS, count on the support provided by PriorTax.

How to eFile Back Taxes

Posted by admin on December 1, 2022
Last modified: February 13, 2023

Haven’t Filed Your Previous Years Taxes Yet?

Have you not filed your previous years tax or file your tax from last year? Don’t worry. PriorTax can help you file a return for any prior year. You may even e-File your previous 3 years taxes online with PriorTax. Then, reach out to our Tax Service Professionals to guide you through the back taxes filing steps.

There can be many reasons as to why someone might not file their taxes. Maybe you were unaware that you needed to, maybe you couldn’t afford the tax bill, or perhaps other things in life got in the way. Whatever the case maybe, it’s important to file back taxes as soon as possible after the deadline has passed.

In some cases, it may be because they owe a tax bill that they can’t afford to pay. But skipping out on filing your tax altogether will only make matters worse, as the IRS will charge you interest and penalties for each month you’re late. So instead of avoiding filing your return, it’s best to contact the IRS and work out a payment plan that you can afford.

how to file pervious years taxes

How to File Previous Years Tax and What you should do if you didn’t file last year tax?

It’s not too late to file your taxes from last year. You can still do the right thing and submit your return as soon as possible. Keep in mind that you will need all the required documents for the tax year you are filing before you begin. And, if you’re missing some information, the IRS may be able to help. They maintain records of all returns filed in the past 10 years. You can request a transcript of a previous tax year by filling out Tax Form 4506-T Request for Transcript of Tax Return. However, for filing previous 3 years taxes you may e-File back taxes with us with the help of PriorTax Tax Service Professionals.

The IRS may file a substitute tax return if you have not filed a tax return. However, they will not be as concerned with getting all your deductions and credits as you would be. This could result in a smaller refund than you deserve.

You might not get your refund at all. There’s no punishment for not filing taxes early, but you only have three years from the deadline to submit your return. Otherwise, you could lose your refund entirely.

You also need to ensure your IRS tax forms (and instructions) are correct. Verify that all of your forms are for the year you are filing.

If you must file a prior-year return, the previous years taxes are listed on the main menu by tax year. In most cases, you may be able to do so retrospectively, as long as you did not file your back taxes return. If you are filing previous taxes just for that tax, you can just file Form 5329.

To file previous years taxes return with back taxes, you need your W-2s or 1099 forms that you received in those tax years to report your income. Whenever you file previous years taxes returns, you will need any forms showing your income from the previous tax year for which you are filing taxes. You may have to print out the tax forms and mail them to the address listed on your 1040 instructions for the tax year you are filing. But if you are filing previous 3 years taxes, you may e-File any back taxes with us with the help of PriorTax Tax Service Professionals.

PriorTax can help you E-File a previous years tax return.

Do you need help on how to file previous years tax? PriorTax can make it easy for you. We can complete a return for up to three years after it was due. Unfortunately, the IRS and states do not allow electronic filing for prior year returns, so you will need to print and mail your return once you have finished it.