Federal Tax Return Late Filing Penalty
Question: I’m late in filing my taxes- but I have no taxes owed (just a small return), is there a penalty?
Usually I file my taxes months before April 15, but this year I got caught up in things and filed ON April 15. I tried to file electronically; two days later, I got an email saying my PIN was incorrect. I still haven’t gotten around to trying to figure out my PIN/other information that could verify me to file electronically.
However, I don’t owe any taxes, and I only have a very small federal tax return amount. In addition, I’m a dependent college student. I filed using the electronic 1040EZ. Could someone tell me what happens if I file late (either now or within the next month)? Should I just send in a paper form or can I still use the electronic method if I find the appropriate information?
Thanks.
Answer: There are no late filing penalties with the IRS if you don’t owe or are due a refund. Anyone who says otherwise simply does not know what they are talking about. Just go ahead and file.
BTW, you don’t get a return, you file a return. Any money that you get back is a REFUND.
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Question: Will we qualify for $8000 first time home buyer credit?
We purchased a house last year (May of 2008). Filed the taxes already and got $7,500 tax credit loan from the government for first time home buyers, it’ll have to be paid off interest free for 15 years beginning 2010. Since the stimulus bill passed and now they are saying that first time home buyers with certain incomes will get $8,000 that you don’t have to pay back, will we qualify for this? Our house was purchased at a date that’s included in the stimulus for this year. Will we just get $500 and won’t have to pay anything back now? Or do we not qualify for this new $8000 at all? Anyone know anything about this?
Answer: The $8000 deal is for 2009 only.
Your May 2008 purchase is only eligible for the $7500 loan.
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Question: Tax question, please help!?
Last year when we filed my fiance’s taxes, he was only working for 6 months at the job he is at now & he got a little over $4,000 back. We just started the filing process through TurboTax last night & the refund came to a little over $3,000! How is this possible?! If he only worked 6 months out of the year in 2008, but worked the full year in 2009, why are we getting back so little this time? Shouldnt we be getting more than that? We are super bummed, I even tried the tax estimator through H&R block online & said the same =[. Can someone please explain to me as to why we arent getting back as much (or more) than we did last year?! TIA!
i havent read all the answers yet but i should have added this: we have a baby together, who was born in 08.Answer: Okay you should know it depends on the amount of money he made not how long he worked. A lot of credits phase up and down depending on the amount you make so its hard to say without more info
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