What Should I Do if I Missed the Extended Tax Deadline?
The 2011 extended tax deadline was October 15th and while many scrambled to make the tax deadline, some of you may have missed it and are wondering what to do. Don’t worry! If you missed the extended tax deadline, here are answers to 5 of your burning questions to help you figure out what to do next.
Tax Filing After Deadline
I missed the tax deadline. Should I still file?
Yes, you should still file your taxes as soon as possible.
How should I file my taxes?
IRS e-file is now closed, but there is good news. You can still file using our downloaded TurboTax software and mailing in your tax return.
Will the IRS charge penalties for not filing by October 15th?
If you have a tax refund coming, there is no penalty for filing late. Penalties are calculated based on amounts due.
If I owe money, will I be charged penalties and interest?
Unfortunately, you will receive three separate penalties on balances due on late tax returns as follows:
- Failure-to-file penalty
- Failure-to-pay penalty
- Interest
The failure-to-file penalty can be the most steep, as it starts out at 5% for each month the tax return is not filed, up to a total penalty of 25% of your balance due, which is why you should file your taxes as soon as possible. Even if you owe money and can’t pay it you should still file to eliminate this penalty. In addition, you may be eligible for other payment options under the IRS Fresh Start Initiative.
If I have a hardship will I still have to pay penalties?
If you show the IRS reasonable cause for not filing on time, you may not have to pay penalties.
In addition, 2011 tax deadlines for individuals and businesses impacted by Hurricane Isaac have been extended to 1/11/2013.
Hopefully this puts your mind at ease and moves you closer to filing your taxes. Just because you didn’t make the tax deadline doesn’t mean you should forget about filing altogether. Who knows? You may be missing out on a tax refund.
Have product questions? We have your answers.
My friend did not file taxes in 2011 because was told he was under the gross income amount required for filing. even though, there were 1099′s involved, should he have filed? he also had been filing jointly with his wife that was deceased in 2011..now he is having trouble getting his taxes filed for 2012, should he go back and file 2011 and would there be a penalty??
Hi Molly,
Yes he can still file a 2011 tax return and indicate that his wife was deceased. He should file he may be entitled to a tax refund especially if he is eligible for tax credits like the earned income tax credit. He can go online and download prior year’s software. After his 2011 is completed he can also prepare his 2012.
There probably would not be a penalty if he was under the gross income requirement.
Here is the link to download previous tax years
http://turbotax.intuit.com/personal-taxes/past-years-products.jsp
I hope this helps you.
Thank you,
Lisa Greene-Lewis
I did not realize Turbo Tax online would shut down on or just after the 15th of Oct. I lost about half of the return. How best should I proceed? I am old and a very slow typist.
Hi Roscoe,
I am so sorry that you lost some of your data. TurboTax Online has to shut down in conjunction with the IRS since the IRS stops accepting e-filed returns at that time, because they have to process 2011 extended returns and get ready for the 2012 tax season. You can download our 2011 software and finish your tax return. Here is the link http://turbotax.intuit.com/personal-taxes/past-years-products.jsp
Thank you,
Lisa Greene-Lewis
They should have received them via mail on march 11th