So I'm doing my taxes and I think that I break out even (I don't owe teh gvnmt anything, and they don't owe me anything). So do I even have to file my reuturn? Also, what happens if I'm wrong, will they send me a letter or fine me?

 

yes you have to file a return.

if you have done your taxes and filled out everything what else do you have to do? How were you figuring out your taxes if not by turbotax or filling out tax forms?

Either way, yes if you made money in 04 they expect a tax return

 

I read somewhere that if you break out even you don't have to file a return.

 

Moving to M&I...



You need to file regardless.

 

I think you do. If you don't you run a fairly good risk of being audited, which you don't want either way.

 

i think up until the age of 18 you don't have to file, but then you would be giving the gov't free money

 

There is no filing exemption for people who are going to "break even" on their taxes. For further information on who is required to file a federal return, see this link:
http://www.irs.gov/publications/p501/ar02.html

 

even if you dont own anything you still need to file a return.

my cpa told me you never want to break out even because it's a rare occurrence. you usually want to pay or receive something. ppl that break out even usually fudge their numbers to do so, therefore raising flags for an audit. anyways, i don't know if that's true or not but that's just what he said

 

Thanks All... I guess I'll mail the damn thing in.

Taxes suck! Although I must admit I was very impressed w/ Turbo Tax... Very nice piece of software!

 

Q: If you don't owe any money, do you have to file a tax return? If you are late filing, without an extension, and have a refund coming back, how much are you penalized? How long can you make claim to that money?

A: Whether you have to file a tax return depends on your filing status, age, and gross income. For more information refer to Publication 501, Exemptions, Standard Deduction, and Filing Information. You are required to file even if you are going to get a refund. Even if you are not required to file, you need to file if you are due a refund from income tax withheld from your pay, or you qualify for the earned income credit or the additional child tax credit.

Late filing penalties are based on the amount owed. If you have a refund coming there will be no penalty.

While you can file the original tax return at any time, the amount of any refund cannot be more than any tax paid within the 3-year period (plus any extension of time for filing your return) immediately before you filed the claim. The time you file your claim may be based on the postmark date for this purpose. Income tax withheld from wages and estimated income tax payments (made before the due date without regard to extensions for the original return) are considered paid on the due date.

 

Good. Yes, you have to submit your tax form even when it is a break even deal. If, in their infinite wisdom, they conclude that you have made an error, you have a period of time to contest, and can make your case in a hearing. Of course, if the error is that you should be getting money back..........(which has happened to me) then you may not want to dispute it.

I've known a couple of folks who did not file taxes for years. One left his estate in a complete state of disarray as a result, and it took three years of very expensive attorneys to mop up the shit on the floor. The other chose to deal with ten years of back filings when he was diagnosed with a terminal illness............. what a stupid way to spend his last months.......................

With TurboTax and an uncomplicated tax position, it does not take time and keeps you lega.