Tag: previous year tax

Posts Tagged ‘previous year tax’

E-Filing My Previous Year Tax Return

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

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.

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.

Previous Years Taxes Electronically Online

Posted by admin on July 8, 2022
Last modified: July 11, 2022

How to file previous years taxes online?

You can file your previous years taxes and tax returns with PriorTax for up to three years after you are due. Simply sign in to your account or create a new one to get started. Then, click the “tax year” tab at the center of the top main menu on the home page. Select the year you want to create, then click Start Now. From there, you will input income and expense information for the year you are filing.

You can choose to e-file an electronic return for up to 3 prior years with PriorTax, or you will have to print out and mail a hard copy of your form. This is because the IRS does not support electronic filing of previous years returns. When you submit your previous years taxes using PriorTax, you will receive the proper forms and instructions for the particular year you are filing.

previous years taxes
previous years taxes

How many years can you e-file back previous years taxes electronically? 

You can send your returns electronically for three years at PriorTax. That means that, in 2023, you could file a tax return for 2022 using PriorTax, and also be able to file your taxes from 2019, 2020, and 2021. Then, you can use paper filing for additional back taxes if needed.

You can usually find forms for earlier years on the IRS’s web site. However, the IRS generally does not examine returns more than six years late. In other words, your last six years worth of tax returns are generally the only ones that will be considered for audit. You can learn more about how to prepare a past-year return using PriorTax here.

Can I still get my previous years taxes to refund if I’m filing back prior taxes?

Yes, as long as you filed your return within three years after your original filing date. This deadline applies even for tax credits such as the Earned Income Tax Credit (EITC). Tax credits and deductions can greatly reduce your tax burden, so it is in your best interest to file during this three-year window to receive your earned tax credits and refund. If you have a previous-year return you are still due, you can start today with PriorTax, for free.

What if I don’t have receipts or records for previous years taxes?

Many employers maintain electronic records of employees W-2s, so it is possible you can obtain copies of your earnings information on the Internet. You may also see what forms your employer has filed with the IRS by asking for a tax transcript. You can download a copy of your prior years transcript from the IRS’s website. If you do, you can ask clients if they can supply records about what they paid you. And look at credit card statements or bank statements to see proof of expenses.

What else do you need to you when filing previous years taxes online?

If you want information from your previous years tax return, use Get Transcripts to request your return or bill transcript. In addition, if you have lost any of your tax documents from the past 10 years, you may request a copy from the IRS by filing form 4506-T, Requesting a Tax Return Transcript.

To file a tax return with the past returns, you will need your W-2s or 1099 forms that you received in those tax years to report your income.

Find that you made a mistake or forgot to include an income, a deduction, or another credit on your original return. You will have to file Form IL-1040-X, an amended individual income tax return. If you want to file your IL-1040 via MyTax Illinois, you must use your account to do so. Suppose you are self-employed and are not filing federal income taxes. In that case, any self-employment income you make is not reported to Social Security, and you will not get credit for Social Security retirement or disability benefits.

For example, Maine Revenue Service is available for filing an individual income tax return (Form 1040ME), including a credit to help pay property taxes like in Maine. This is the self-service option, purchasing tax preparation software, either at a retail store or online, preparing your return, and pressing submit for electronic filing. You may use a tax preparer, software approved by the state of Oregon, or free electronic filing services.

See if you qualify for filing previous years taxes with PriorTax

If you have used PriorTax in the past, you already know how to prepare and file your taxes online. The IRS Free File program can give you online tax software from a number of tax prep companies, including PriorTax.

If you do not qualify for online filing options, you can still electronically file your returns using PriorTax. You can also e-file using approved commercially available software programs or have an authorized tax professional prepare and file your return. If you had a tax professional prepare your return, you likely authorized that person to e-file for you.

Be sure the e-filing supports the forms you wish to file. Please be sure that the company providing the software supports all the forms and schedules you will need to electronically file your individual income tax return.

Under this arrangement, taxpayers may file federal income tax returns. Taxpayers may e-file either through their own computer or a tax preparer, an approved electronic return originator (ERO). While many taxpayers still mail their returns, e-filing, typically using an online tax preparation service, is becoming increasingly popular. As a result, the IRS anticipates that this year, the number of individuals efile for taxes will increase to record levels.

To better verify taxpayer identities and to help detect refund scams, we are now asking for identification information to ensure individuals tax returns.

If you are due a refund due to a tax lien or estimated tax, you have until the 3 years after your due date for filing the return to claim the refund. If you cannot pay all the taxes due by the due date, just file your return and pay what you can. If you missed filing a return in 2021 to claim the missed stimulus payments – just the stimulus payments checks – you will need to re-file taxes, which cannot efile electronically after Oct. 15, 2022.

File any taxes you are owed, whether you can make the payment or not. If you cannot fulfill your filing requirements, you are not required to file any returns from prior years. However, if you filed your return solely for that tax, you might choose to file Schedule H on its own.

Within 24 hours of your filing, the IRS will mail the proof of receipt to the software company you used. Once completed, the Federal and State returns are signed using either the Federal PIN number (or Form EF in Oregon). Filing with PriorTax to efile the previous years taxes returns sends a confirmation message saying the Tax Office received and accepted your return.

Prepare and efile your Federal and State returns electronically with PriorTax before tax day, so you will not have to do the difficult work of calculating taxes and mailing the information through the mail. During any given current tax season or calendar year, an on-time return will be prepared and efile electronically for the prior calendar year.