How to File Previous Year Taxes

In cases where people fail to file their previous year taxes, they can potentially encounter consequences from the IRS. This may include facing penalties and interest charges, having tax refunds held back, or having the IRS prepare a return on their behalf that could miss out on valuable credits and deductions.

If you ever find yourself in a predicament requiring the filing of previous year taxes, rest assured that the process is quite straightforward. A dedicated PriorTax Tax Professional will guide you through the necessary steps to tackle this task efficiently.

It is essential to comprehend the steps involved in filing taxes for previous years. While the process of submitting past tax returns may appear daunting initially, taking the time to understand and complete the necessary steps can be highly advantageous in the long run.

1. Get the Information Needed to File the Previous Year Tax Return.

To kick start the process, the first step is to reach out to the IRS and request your wage and income transcripts. These transcripts are crucial in pinpointing key information from Tax Forms W-2 and Tax Forms 1099, which you can leverage to complete a prior year’s tax return. Additionally, ordering a transcript allows you to review any estimated tax payments or credits that have been recorded in your account for that specific tax year.

When considering self-employment, investments, or any unreported income, ensure to gather relevant details. Assess potential deductions and credits for which you may be eligible. Make it a priority to submit your filings promptly and prepare to settle any outstanding taxes to prevent potential enforcement measures like a substitute for return, levy, or lien.

When submitting your belated return, it is important to note any unique handling requirements, such as time-stamping or submitting to an IRS compliance division. Assess the timeframe for which you need to file. To meet IRS compliance standards, you are typically asked to file returns for the current year and the preceding six years if you have multiple overdue returns.

2. Submit My Previous Year Tax Return.

Ensuring the accuracy of your tax returns is crucial. Utilize PriorTax Previous Year Tax Filing to bring your previous years’ returns up to date. Verify your return by comparing it to your IRS transcripts to confirm that your entire taxable income was properly disclosed to the IRS, along with the inclusion of your total withholding/estimated tax payments during the calculation process.

In the event that you find yourself with a debt that you are unable to settle in full, it may be beneficial to explore the option of arranging a payment agreement. Additionally, if deemed applicable, it might be worthwhile to include a request for penalty relief along with your submission.

When dealing with the need to file multiple returns, the process can become more complex and challenging, leading to potential penalties and outstanding balances. In such situations, it is advisable to explore various options for penalty relief to address the complexity effectively.

Be sure to obtain documented proof of submission to safeguard yourself if the IRS fails to handle your tax return or if you face any compliance issues, such as receiving a notice for IRS collection, a Tax Lien, a Tax Levy, or an investigation for unfiled previous tax returns.

3. Track My Tax Return Processing and other Tax Compliance Procedures.

In order to confirm the processing of your return, reach out to our PriorTax Tax Professional to the IRS. This step is crucial, particularly if the IRS has already initiated procedures related to the unfiled previous year tax return, like submitting a substitute for a tax return.

Support for Filing Previous Year Tax Returns

Submitting overdue tax returns can feel overwhelming, but remember that you are not on your own in this process. From utilizing PriorTax’s previous year online E File and consulting our dedicated tax professional we are here to assist you in filing your previous year taxes. When you need assistance submitting an overdue tax return, exploring payment alternatives, addressing compliance matters, and engaging with the IRS, count on the support provided by PriorTax.

This entry was posted on Thursday, March 28th, 2024 at 8:00 am and is filed under Tax Tips and Tricks, Taxes for Prior Years. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.