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Posts Tagged ‘tax calculator’

Prior Year Tax Return

Posted by admin on November 22, 2021
Last modified: November 22, 2021

What is a “tax year” and a “tax season,” and what is the difference?

The “tax year” in the United States refers to the twelve-month period to be used when determining your taxable income and any tax-deductible expenditures.

For most individual taxpayers, this runs from January 1 to December 31 for any given year. This is the year-long accounting period when you either pay or withhold taxes, keep your paper and digital records, and report your income and expenses. 

On the other hand, the corresponding “tax season” refers to the period from January 1 until April 15 of any current year to prepare and electronically file your tax return. It ends on the due date for filing your tax return.

Extensions for filing your tax return are possible, which can give you an extra six months to prepare and file your tax return. This is why you sometimes see the tax season described as from January 1 until October 15.

So for the 2020 tax year, you would have from January 1, 2021 to April 15, 2021 to prepare and file your tax return on time. If you file for an extension, you would have from January 1, 2021 to October 15, 2021 to prepare and file your tax return on time.

prior year tax return
prior year tax return

Who needs to file taxes?

Each year, the IRS sets thresholds for minimum gross income. If you make less than this threshold, you don’t need to file a tax return unless there are special circumstances, and if you make more, you need to file your tax return.

For the 2020 tax year, this means that typically if you are a single person under 65 years old, you don’t need to file a tax return in 2021 if you made less than $12,000. Likewise, if you are the head of your household, you typically don’t need to file your tax return in 2021 if you made less than $18,650.

Is there a deadline to file prior year taxes?

If you expect a tax refund, you have three years from the original tax return deadline to file your prior year tax return and claim your refund. When you are eligible for a tax refund, there is no worry about penalties here.

If you owe taxes, there is no deadline to file a prior year tax return. However, you should be aware of late filing and late payment penalties from the IRS in this case.

In most instances, the IRS requires individuals to file their tax returns for the last six tax years, if required to file, to be considered squared away and in good standing with the IRS.

Can you still claim a refund when you file a prior year tax return?

Yes, it is possible to claim a refund for a prior year tax return if you are eligible. For most circumstances, you are eligible for a tax refund when you have paid more tax during a given tax year than you actually owe.

However, there is a deadline to claim a tax refund. You will need to make your claim for a refund within three years of the original deadline to file your tax return.

So you have until April 15, 2023 to claim a refund on your 2019 taxes. You have until April 15, 2022 to claim a refund on your 2018 taxes. And you had until May 17, 2021 to claim a refund on your 2017 taxes. (In 2021, the IRS automatically extended the last day to file your taxes to May 17.) Use our Tax Calculator to get a better idea of your return

After the deadline, any unclaimed amount of excess taxes paid goes to the U.S. Treasury.

If you believe you are owed a refund from the IRS for prior year tax, don’t wait any longer to get your back taxes in order. PriorTax can help you get your prior year tax taken care of today.

Why is it a good idea to file prior year taxes even if you cannot pay right now?

The IRS has both late filing and late payment penalties for when you did not file a tax return when you needed to do so. In addition, your outstanding prior year tax balance continues to accrue interest each month that you let it go unpaid.

However, in most cases it is a good idea to file your prior year taxes even if you are not in the position to pay all of what you owe right now. This is because the IRS’ late filing penalty will usually work out to be larger than their late payment penalty.

If you owe a significant amount to the IRS but cannot pay the full balance, you should still file your prior tax returns. You should then get in touch with the IRS to work out a payment plan so that you can pay it off according to what you can afford.

Filing your prior tax returns can stop the more considerable filing penalties, and with a payment plan in place, you can avoid more severe collection enforcement for your unpaid tax bill.

To get help getting your prior year tax returns in order, get in touch today. First, you pick the tax years you want to file. Then we help you to file your tax returns, answer any questions along the way, and review and prep the documents for you to download, print, sign, and mail off.

How do I obtain my prior tax returns?

There are times when you cannot obtain copies of your tax documents, like W-2 forms from employers or 1099 forms from your bank or for your other sources of income. In that case, you can request a free tax transcript from the IRS summarizing your return information. They are available for the current tax year and for the past three years.

However, there are also times when you need an actual copy of your prior tax returns rather than a summary. Then, in that case, you can request them from the IRS for a fee. They are available for the current tax year and for the past six years.

2019 Tax Calculator

Posted by admin on November 8, 2021
Last modified: November 8, 2021

If you need to file back taxes for 2019, a tax calculator is something you’ll want to have in your back pocket during the process. A federal tax calculator for the 2019 tax year will give you an estimate of what your tax liability was for that year and can help guide your next steps.

Use a 2019 tax calculator to figure out which of the three possible scenarios of where your relationship with the IRS currently stands applies to you:

  • The taxes that have already been withheld from your paychecks from 2019 combined with the tax credits you are eligible for may cover your 2019 tax bill.
  • If you’ve had too much tax withheld from your paychecks, then you should expect a tax refund when you file, and the 2019 tax calculator can tell you how much that will be.
  • If you’ve not had enough withheld or prepaid based on estimates (if you’re self-employed), then you may still need to pay the rest of your tax bill.

Link to 2019 Tax Calculator

Gather up your documents and get started today with our easy-to-use online federal tax calculator for 2019. And if you need help with your tax returns for any other year, we have the tools for that too. We offer tax calculators for each year going back to 2011, and we can help you prepare prior-year tax returns for each year going back to 2008. So visit PriorTax.com today to get up to date with your taxes.

Is the federal tax calculator for 2019 safe to use?

When you use any of our online prior-year tax calculators, it will be completely anonymous. You don’t need to create an account with us or enter any identifying personal information to use it.

What do information do I need to use a federal tax calculator for 2019?

When you open our 2019 tax calculator, you’ll find three different sections. The information needed to estimate your tax bill has been divided into three parts to make things as straightforward as possible.

The first section is ‘Family’. This is where you’ll provide your general personal information, including things such as age, filing status, and the number of dependents you are claiming.

The second section is ‘Income’. This is where you’ll need the tax paperwork you received from work and from any banks or other financial institutions. You’ll need to enter

  • any income you received as an employee or during unemployment
  • any income earned from investments, including any retirement plans
  • any income earned from either self-employment or your own business
  • any other forms of income such as Social Security benefits, federal tax withheld from benefits, or alimony payments

This information is used to determine your total income for 2019.

The third and final section is ‘Deduction and Credits’. This is where any estimated federal and state tax payments you have already made are taken into account. You will also enter information about household, education, and unreimbursed work expenses and information about retirement savings plans and donations made during the year.

What information does the federal 2019 tax calculator provide?

In addition to your estimated refund or outstanding tax bill, you will also see a breakdown of the numbers that contributed to this amount. You will be given line-by-line details outlining your:

  • Total Income
  • Above the Line Deductions
  • Adjusted Gross Income
  • Standard Deduction
  • Total Exemptions
  • Taxable Income
  • Regular Taxes
  • Alternative Minimum Tax
  • Tax Credits
  • Additional Taxes
  • Tax Payments
  • Refundable Credits

What can I do if I am missing any information needed for the federal tax calculator for 2019?

The 2019 tax calculator, like all of our online prior-year tax calculators, can only provide an estimate based on the information that you enter into the form. If you enter estimates or guesstimates for details like your wages, keep in mind that our calculation will be based on those numbers. Remember that your exact tax refund or tax bill may change once you enter your exact numbers.

It is always important to keep track of any tax documents you receive throughout the year, like your W-2 forms from your employers or 1099 forms from your bank or for any other source of income. If you are missing any of these forms or never received them, a good first point of call will be your work or your bank.

However, the IRS understands that there are times when you aren’t able to obtain copies of these documents. If this is your situation, you can contact the IRS to request a free tax transcript from the IRS. These are available for the current tax year as well as for the past three years and will summarize your return information.

Sometimes you need an actual copy of your prior tax return rather than just a summary. For those situations, a copy of your prior tax return can be requested from the IRS for a fee. You are able to request full copies for the current tax year and for the past six years.

The federal 2019 tax calculator estimates that I am owed a refund. What next?

Everyone has three years from the original filing deadline to file their prior-year tax return and claim their refund. When you don’t have an outstanding tax bill, you are not subject to any IRS penalties for not filing your return on time. And you have until April 15, 2023, to claim your refund for the 2019 taxes you overpaid.

The federal tax calculator for 2019 estimates that I have outstanding taxes to pay. What next?

Unlike the deadline to claim a refund, there is no deadline to file your 2019 tax return.

There are penalties for both late filing and late payment that the IRS will levy. These additional charges will accumulate over time. However, the late filing penalty will usually work out to be more costly than the late payment penalty. So it’s often a good financial decision to file your prior-year return for 2019 as soon as possible, even if you are not currently in a position to pay the full bill.

How To Calculate Your 2012 Tax Refund

Posted by Michelle O'Brien on February 19, 2016
Last modified: November 2, 2016

Fashionably late? You can still file your 2012 tax return!

Unfortunately, filing your tax return late isn’t as notable as arriving an hour later than planned to a cocktail party. However, the IRS does give you three years to claim your refund after the official April deadline.  

Use our 2012 tax calculator to figure out how much the IRS owes you (or what you owe them).

What information do I need for the 2012 tax calculator?

To use our calculator tool, you just need some of your basic tax information from 2012. You’ll be able to navigate different tabs as shown below.

2012 tax calc info

Complete each section as best you can. Although it is best to complete every section entirely, you can skip the credits and deductions tab if you’re unsure. This will give you a ballpark figure until you have the time to gather your paperwork.

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Can I Still Get My 2012 Tax Refund?

Posted by Michelle O'Brien on February 10, 2016
Last modified: November 2, 2016

Start your engines! The last day to claim your 2012 tax refund is April 18th, 2016.

Many of us recognize April 18th as the deadline to file our 2015 tax returns. Did you know that it is also the last day to file a 2012 tax return and claim a tax refund?

The IRS has a three-year statute of limitations for taxpayers to collect their refund money. Once those three years are up, all unclaimed refunds land themselves amongst others within the IRS walls of tax years past.

Sorry for the dramatization but it’s true. Why give up your refund to the IRS when you can file your 2012 tax return today and get your hard-earned money back?

 

File your 2012 tax return in a few simple steps.

You only have until mid-April to claim your 2012 tax refund. If you start today, you could have that refund in your hand by the end of the month. It’s easy! Here’s how:

  1. Create an account on PriorTax. Select 2012 as your tax year, create a username and unique password.
  2. Enter your tax information. Once you have your 2012 tax documents handy, we’ll ask all the questions.
  3. Submit your 2012 account. The PriorTax team will review your information and make a pdf version available for you to download.
  4. Print, sign and mail your 2012 tax return. Since you cannot e-file a prior year tax return, you’ll need to mail your return to the IRS.

 

Did you forget what the 2012 tax rates are?

We’ve got you covered. It’s probably been awhile since you’ve taken a look at these. Just to refresh your memory, take a look at the 2012 tax rates below: (more…)