What will happen if I haven't filed my 2007 tax return yet?

Question

I misplaced w-2s during a move, and was unable to file April 15. I finally located them, and am ready to file.

What kind of penalty am I facing?

Answer 1

If you have a refund coming, there won't be any penalty.  If you owe, then there will be interest and penalties.

Answer 2

Omg, I'm in the same situation!  I've had an ulcer about it for the last week.  We can't be the only 2 people in the nation that haven't filed yet, right?

Answer 3

If you owe nothing, then nothing.  If you owe something then three months late filing penalty.

Answer 4

The IRS can legally fine you 1/2%/month of the unpaid balance on your tax liability (at least I think that's correct). If I were you I'd stop worrying about it and get to a tax professional right away to minimize whatever tax liability you have.

Answer 5

You better be looking over your shoulder ... they're coming to "get" you.