Suppose I had refunds coming from 2001 and 2002 on my federal tax returns. Suppose I forgot to file. Suppose I file right now. Do I get all the money I am owed? Are there penalties for filing late if you are owed money (as opposed to having to pay - which I know builds interest charges and late penalties if ignored)?
I’ve had piss-poor luck finding good links by googling, but one number that seems to kepp popping up is 3 years. Is it the case that one has 3 years to file for a refund? After that is it bye bye cash?
Thanks in advance for any help. And yes, I know: I’m stupid. Procrastination is a way of life for guys like myself. My paperwork floweth over. . .
File as soon as possible and you will get your refund. There is only a penalty if you owe money. If money is owed to you, there is no penalty, but you get no interest either.
As far as a three-year deadline. It sounds about right, but I am unsure.
Yes, three years or bye-bye cash. For your 2001 return, you have until April 15, 2005.
And bup is right, although the minimum penalties I’ve seen most states charge can be as low as $10 or as high as $50. I’m sure they’ll deduct it out of any refund. And many states are 4 years rather than 3, but I believe Pennsylvania is only 2.
Actually when I filed my federal returns late, they told me I could file for the past four years… the IRS told me it was a 100 dollar penalty or the whole of my return, whichever was lesser, for the past years…
so I filed 'em and there was no problem… got my money back in about 2 weeks… about 2 grand all told.