Tax Dictionary – Past-Due Tax Return
File all tax returns that are due, regardless of whether or not you can pay in full. File your past due return the same way and to the same location where you would file an on-time return.
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If you don’t file a required tax return by the due date, the IRS will charge you a 5% per month penalty for failing to file. If you owe taxes on the return, the IRS will also charge a 0.5% per month failure to pay penalty. Interest will also accrue on any unpaid balance from the day the return was due until the date you pay the tax in full.
The IRS can also file a return for you, called a substitute for return (SFR). The IRS prepares the return based on information it has from your employers, banks, financial institutions and other payers.
If you have a refund due, you must file your tax return within three years of the due date of the return, or you’ll lose your refund.
The IRS is requesting payment of the Shared Responsibility Payment. Learn more about IRS notice CP14H from the tax experts at H&R Block.
If you receive $10 or more in dividends in a year, you will receive a Form 1099-DIV. Learn more from the tax experts at H&R Block.
You may need to file an amended return (Form 1040X) if you've already filed your tax return and need to make changes. Learn more from the experts at H&R Block.
If you do not withhold enough taxes from your paycheck, the IRS can send a lock-in letter to your employer. Learn more about lock-in letters from H&R Block.