Americans - Haven’t Filed Last Year’s Tax Return?

The IRS hears many reasons from taxpayers for not filing a tax return. You may not have known whether you were required to file. Whatever the reason, it’s best to file your return as soon as you can. If you need help, even with a late return, the IRS is ready to assist you.

The failure to file a return can be costly — whether you end up owing more or missing out on a refund. If you owe taxes, a delay in filing may result in a "failure to file" penalty and interest charges. The longer you delay, the larger these charges grow.

There is no penalty for failure to file if you are due a refund. However, you cannot get a refund without filing a tax return. But if you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is three years after the return due date.

For US citizens with children, even though your income may be fully excluded due to the $80,000 foreign income exclusion, it may be possible to still receive a US refundable child tax credit, available for all US citizens.
Whether or not you must file a tax return will depend upon a number of factors, including your filing status, age, and gross income. Even if you do not meet any of the requirements, you should file a return if you are due a refund.

 

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