Missed Submitting Your Previous Tax Returns? What to Do Now!

Submitting Income Tax returns to the concerned authorities is an annual affair. Each year one has to compute his/her total annual taxable income and furnish these details along with the income tax payable to IRS. Now missing to file you tax returns is not exactly a very desirable situation but still a manageable one. People often forget filing returns till they encounter a situation where submitting their previous tax return records becomes important. Like while applying for a house or a mortgageĀ  return4refund loan banks would ask to submit details of your past returns and that is the time when you realise that same has been ignored by yourself. We will further discuss what all requires to be done if such a situation arises.

First of all we need to identify that for how many years we have not filed our tax returns. In case you are not too good at record keeping or having difficulty is establishing with certainty the exact number of years for which you have missed filing your tax returns best idea would be to call the IRS customer care department and request them for this information. IRS would be able to tell you precisely that for how many years these returns have been missing on your account.

Second thing to do here would be to get hold of all the required supporting documents and information for all these years which will help you to prepare for the old returns. If you are a salaried individual and still continuing with the same job for many years, things would be little easy here. You can approach the human resource or accounts department at your office and ask them to help you with this. In case you have changed jobs within this period you would have to approach concerned departments at your old working place to help you in this.

Thirdly, it is important on your part to know if you would be still entitled for past years refunds in case you submit these returns now. Deciding factor here would be the number of years you have skipped submitting your returns and your previous history regarding this. As a thumb rule the IRS usually would find you eligible for the refunds in case you have not missed the filing of returns for more than 3 consecutive years. If it is more than that your refunds would be forfeited.

You should be better aware and wake to filing your returns regularly rather than to go through a cumbersome process of doing it at a later stage.

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