How To File Back Taxes

If you need to file back taxes, this post can help. These are only common guidelines, for thorough guidelines you should consult the IRS website, an IRS agent, or an enrolled agent, such as Tax Debt Advisors, Inc.

How to File Back Tax Returns

Step 1: Gather your tax papers

To file your back-tax returns, you going to need the W-2’s or 1099 forms you got for those tax years for reporting your income. If you’re qualified for deductions and credits, you are also required to gather any receipts or other supportive records that demonstrate your qualifications to claim them.

Step 2: Petition for missing papers

If you’re lacking any tax papers from the last decade, you can petition a copy from the IRS by filing Form 4506-T.

• Only use this form to petition for W-2s, 1099’s and possibly 1098’s that could provide support for many of your deductions.
• Although you won’t receive an identical version of the original form, the IRS will give you with a duplicate of all related information, in which is satisfactory to file back tax returns.
• It may take the IRS up to forty-five days to process your petition.

Step 3: Download previous year IRS tax forms

You need to always file your back-tax returns on the primary forms for the tax years you’re filing for. You could always search the IRS website to find the forms, but for faster access, you should utilize advanced tax preparing software, like TurboTax.

Step 4: Prep your back-tax returns

You can’t complete previous year tax forms using guidelines from the current year.

• Tax laws change each year and using the incorrect guidelines could require you to prepare the return once again.
• Verify to be sure the guidelines you are using are for the identical tax year as the return you are getting ready to file.

Step 5: Submit the forms

Submit your forms to the IRS at the address on the Form 1040’s guidelines.

• When you owe added income tax for any of the previous years, be sure to make as large of a payment as possible to decrease any interest charges.
• Different from tax penalties that stop adding when the limit is reached, monthly interest still gets added until until the tax is paid off.
• After the IRS gets the tax returns, you should expect to get a notice of the clear-cut penalty and interest charges you will be responsible for paying.

Source

1. TurboTax – Taxes, I. (n.d.). How Do I File Back Tax Returns? Retrieved October 16, 2020, from https://turbotax.intuit.com/tax-tips/irs-tax-return/how-do-i-file-back-tax-returns/L535BxMms

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