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Author: RBMunkin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121150  
Subject: Tax filing deadline Date: 4/18/2011 6:58 PM
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Someone told me that there is no deadline for filing a tax return if you paid what you owed on time (estimated tax payments).
Is this true?
Thanks,
RB
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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113199 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:06 PM
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Someone told me that there is no deadline for filing a tax return if you paid what you owed on time (estimated tax payments). Is this true?

No. The filing date is in the law and makes no reference to whether there's a balance due or not. What the infamous someone was probably trying to say is that there's no monetary penalty for failing to file a timely return if there's no balance due. That's true in the immediate, but it can lead to penalties down the road if more tax is due.

There are gaboodles of reasons, but if you have a filing requirement, file on time or get an extension to file.

Phil
Rule Your Retirement Home Fool

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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113200 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:06 PM
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Someone told me that there is no deadline for filing a tax return if you paid what you owed on time (estimated tax payments).
Is this true?


Sort of. Since the federal late filing penalty is based on the amount of unpaid tax at the filing deadline, if you've overpaid your taxes through estimates or withholding, you don't have to file by 4/15 (4/18 this year). It's always possible that certain elections might be disallowed if you don't have a valid extension (I can't think of any offhand) and your state may have different rules (NJ charges $100/month for a late return in addition to any underpayment penalty).

You must file your return within three years of the original due date (including any extensions granted) if you want to receive a refund for overpaid taxes.

Ira

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Author: RBMunkin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113201 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:09 PM
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Okay, thanks. I'll tell them.
But it's kind of strange. Very Google I've done says there is no reason to file an extension if you don't owe money.

Like this one:
http://wiki.answers.com/Q/If_you_don't_owe_any_taxes_do_you_have_to_file_for_an_extension_just_to_file_the_paperwork_after_the_April_deadline

And several others.

But thanks for the official word.
RB

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113202 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:10 PM
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You must file your return within three years of the original due date (including any extensions granted) if you want to receive a refund for overpaid taxes.

Ira


Does this mean that if an extension was filed for 2007, the date to receive a refund is October of 2011 and not April 2011?

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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113203 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:21 PM
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Neither the IRS or state will know about any itemized deductions or cost basis for equities sold. The taxpayer may believe that the "correct" amount of taxes have been paid, but until a tax return is filed that information isn't available.

Some basic reasons for filing promptly:
1.) Losing paperwork
How many people who are not organized enough to file a tax return will be able to find all of the paperwork in 3 years?
2.) Statue of limitations
Statue of limitations starts from when the tax return is filed.
3.) The IRS and state are going to calculate taxes due based on standard deduction and the full sale price of equities
As my favorite procasinator has proved, if you have anything more than the simpliest return, the IRS and your state will be contacting you. They can garnish your wages and if you still don't respond in time, they will keep it.

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113204 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:21 PM
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You must file your return within three years of the original due date (including any extensions granted) if you want to receive a refund for overpaid taxes.

Does this mean that if an extension was filed for 2007, the date to receive a refund is October of 2011 and not April 2011?


No. Prepaid taxes are considered to have been paid on the original unextended due date, and you must file a claim for refund of them within 3 years of that date.

Phil
Rule Your Retirement Home Fool

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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113205 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:25 PM
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[Every] Google I've done says there is no reason to file an extension if you don't owe money.

Just shows to go ya that consensus can be formed among the uninformed just as well as among those who know their butts from second base. Always ask for a cite when something goes against what makes sense. And that doesn't mean a cite to something like Wiki, it means the law.

Phil
Rule Your Retirement Home Fool

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Author: RBMunkin Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 113206 of 121150
Subject: Re: Tax filing deadline Date: 4/18/2011 7:27 PM
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"Just shows to go ya that consensus can be formed among the uninformed just as well as among those who know their butts from second base. Always ask for a cite when something goes against what makes sense. And that doesn't mean a cite to something like Wiki, it means the law."

LOL! Right you are I'm sure!
Thanks,
RB

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