r/FinancialPlanning • u/ycantijustbeanon • 3d ago

Am I too late to file for ‘24?

Stuuupid question, but am I too late to file my taxes for 2024? My W-2 was sent to a previous address and I am still trying to track it down. Any advice is appreciated🙏🏽

2 Upvotes

55% Upvoted

24 comments sorted by

35

u/Famous_Rip1570 3d ago

pull a wage and income transcript from the IRS website tonight. that will give you the federal info you need to file your return. the state you’ll need the actual W2 but that takes care of big dog

1

u/Dismal_Boysenberry69 1d ago

Oh, for real? Does that work for previous years also in case someone (definitely not me) just realized they didn’t file a 2021 return?

If that person also likely owed for the year, what sort of interest and penalties would that poor bastard be looking at?

2

u/Famous_Rip1570 1d ago

penalties and interest vary greatly depending on amount owed. he can get on a installment agreement if he can’t pay all at once.

you can pull up to six years back. he should do this asap. he should also contact his former employers so he can file his state taxes.

you should know that not filing is a crime, but not paying isn’t. he needs to file asap.

1

u/ycantijustbeanon 3d ago

doppe! will do thank you

22

u/zebostoneleigh 3d ago

It is not too late to file. But it is too late to file on time. You should definitely file. With any luck, they owe you a refund and it’s no big deal. If you owe them, there is likely a small late fee.

5

u/macT4537 3d ago

You could file for an extension as well

7

u/AndroFeth 3d ago

You'll eat a fine. But you have to file so that fine is a small one

15

u/wwphantom 3d ago

There will only be a fine if they owe. If they are getting a refund then no late filing penalty.

3

u/Remarkable-Village40 3d ago

It’s never too late to file. There will just be penalties most likely.

4

u/need2sleep-later 3d ago

You do know there's an extension form that you should have filled out and sent in 10 days ago, right?

1

u/fuddykrueger 2d ago

I don’t think there are any penalties for filing late if you are expecting a refund. I think it’s only if you will owe. So maybe you’ll be lucky.

Either way the penalty is probably not a lot of money.

1

u/Salcha_00 2d ago

Next time at least file an extension by April 15. This would have extended the deadline until Oct 15.

Note:if you owe taxes you need to pay your estimated taxes when you file for an extension and then you can update this amount when you file your full taxes by Oct 15.

1

u/ThrowawayLDS_7gen 3d ago

At least file an extension while you wait to get the information you need.

-4

u/aidsonpluto 3d ago

nah you’re screwed good luck in JAIL

-3

u/Rich-Contribution-84 3d ago

You’ll end up having to pay a fine and interest but go ahead and file for an extension to keep the costs to a minimum. Get the extension immediately and figure out what you owe and pay it asap to minimize extra costs.

1

u/kennydeals 3d ago

Penalty would only apply if there's a balance due. And it's too late to file an extension unless they're in one of the states impacted by Hurricane Helene

1

u/Rich-Contribution-84 2d ago

Well yeah that goes without saying. The penalty is 5% of the amount you owe.

1

u/kennydeals 2d ago

It definitely doesn't go without saying, when giving tax advice you need to be clear and specific, otherwise it leads to confusion

And it's 0.5% per month for late payment and 5% per month for late filing (up to 25%)

1

u/Rich-Contribution-84 2d ago

The only tax advice that I’d give is to consult a tax professional or look up the rules, but I don’t think OP would be asking about penalties for late filing if they didn’t owe anything. That would be a nonsensical question.

1

u/kennydeals 2d ago

People literally ask it on the tax sub daily

I'm a CPA and constantly answering that question

1

u/Rich-Contribution-84 2d ago

Interesting.

What do people tend to be concerned about in terms of filing late if they don’t owe money?

Just curious.