Tax Question for military man over seas?

Question

quick qustion. please no, "yea, you're f**ed" type answers. just real advice.

first off, it took my former emploer until last month to get me my W-2s. Second, i've been in the military stationed in south korea for the last year. i know over seas we get 60 days extention, but obiviously its beyond that now. i got my forms almost a month ago, but i didn't get them from my mail do to things that kept me busy with my job and now i need to file my taxes. I'm not interested in what i should have done. i'm interested in what that means will happen as i go and file these taxes really late. or what i should do to prevent any more craziness.

Answer 1

If you have a refund coming, nothing will happen.  File and you will get your refund.  No penalties.

If you owe, you will owe the taxes plus penalties and interest.

Just get them filed as soon as you can.

Answer 2

If you get in a similar situation again, you should file an extension form.  That gives you until October 15 and eliminates the late filing penalty.

If you are expecting a refund, not much will happen, unless you really procrastinate.  If you wait for three years, then the IRS will still require you to file a tax return, but they will not give you your refund back...

If you owe less than $1,000, not much will happen - they may charge you a penalty.  If they do, and you write them a letter explaining the situation, they might waive the penalty.

If you owe more than $1,000 they will charge you a late payment penalty, late filing penalty and interest.

Answer 3

If you are getting a refund then there is no problem. File immediately and if there is interest and penalties you can pay that. I know you are busy but so is everyone else. The law requires employers to mail a w2 by Jan 31. Next time be more proactive. If you do not get a w2 in time then file the best you can using your last pay stub of the year just so you have something filed. When you get your final documents you can file an amendment.

Answer 4

You should file ASAP.  You can file electronically for free from the IRS website.  From the homepage click on freefile.  Many military bases have free tax help with free electronic filing, ask your chain of command for a referral.  If nothing else mail the return in.

You are now late, nothing can be done about it now.  If you have a refund due there is no penalty.  If you owe, you will be assessed a failure to file on time penalty and failure to pay on time penalty and interest.  FTF and FTP are 5% per month maximun 25%, intrest is currently 6% per year compounded daily.  If you owe more than $1000 you might be subject to an estimated tax penalty, don't let your software assess this penalty, easy to do if your return is done on base, if you use free file and the software trys to assess the penalty, mail it in.  If you are assessed penalties, write to the service center where you send your return and ask them to forgive them, explain your situation and the will probably do it.

Good luck and thanks for the service you are doing for your country.