Unfortunately, there is a limit to how old you can file a tax return to request refunds and tax credits. This IRS only allows you to apply for tax refunds and credits within three years of the original due date of the tax return. If you don't file your return within three years of the due date, you could end up not receiving a tax refund because you can no longer apply for lucrative tax credits or any additional withholding from your paycheck. No, you cannot file two tax returns for two different W2s.
If you try to file a second tax return, the IRS will reject it and inform you that you have already filed a tax return with that social security number. You risk losing your refund if you don't file your return. If you are due a refund for withholding or estimated taxes, you must file your return to claim it within 3 years of the due date of the return. The same rule applies to the right to apply for tax credits, such as the earned income credit.
Self-employed people have to pay Social Security and Medicare taxes through their individual income tax returns. Review the tax forms you collect for the year of the tax return you file to make sure you are using the correct forms. Form 4506-T allows you to request a transcript of your tax return information, even if you haven't filed a tax return. If you are having difficulty preparing your return, you may be eligible for help through the Voluntary Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE) programs.
You can also choose to reach a settlement agreement or any type of income tax forgiveness that may apply to you. In these cases, filing a tax return could result in a tax refund that allows you to deposit money into your bank account. The amount deducted from your paycheck is an estimate of the amount of tax you'll owe when you file your tax return. If you don't file your return, you may have to pay an additional 5% of the unpaid taxes you were due for each month your tax return is delayed, up to a maximum of five months.
However, the IRS only allows you to apply for tax refunds and credits within three years of the original due date of the tax return.
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