How Do You Know if You Owe Federal Taxes

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How to Detect Out How Much You Owe in IRS Dorsum Taxes

Updated for Taxation Twelvemonth 2021 • February 9, 2022 03:56 PM

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OVERVIEW

You can summate what you owe in dorsum taxes fairly accurately without even contacting the IRS.

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Finding out how much you lot owe the IRS in dorsum taxes will depend on whether the tax relates to returns you've already filed or ones y'all nevertheless need to file. Either way, yous can calculate what you owe adequately accurately without fifty-fifty contacting the IRS, though at some bespeak, you will need to contact the agency to ostend the amount and make payments.

Footstep 1: Obtain copies of all tax returns that y'all even so owe taxes on

The first thing yous'll demand to do is assemble all of your relevant returns and documents that chronicle to each year you withal owe back taxes for. Each of your tax returns volition study the amount of taxation you owe, only never paid. If y'all did file a render but no longer accept a copy, you can obtain one from your accountant who prepared it for you or if necessary, you lot can lodge a indistinguishable copy from the IRS.

Footstep 2: File your past-due taxation returns

If your dorsum taxes relate to returns you have not yet filed, then y'all can summate the corporeality of tax you lot owe for each year by preparing the actual returns. Yet, when you do, you must apply all tax forms for the particular prior yr that you are filing.

For instance, if during 2021 you decide to ready your 2018 tax return; then yous must use 2018 tax forms, schedules and instructions. If you mistakenly file using the forms for a unlike tax year, the IRS is likely to notify y'all of the error.

Accessing these old forms is non every bit hard as you lot may think. The easiest option is to utilise tax grooming software, such equally TurboTax. TurboTax provides you with admission to many of the IRS forms from prior years. Alternatively, you tin can search for each form you lot demand on the IRS website. Nonetheless, many of the older forms on the IRS website require you to print and fill them out manually.

Step 3: Calculate your interest and penalties

Regardless of whether you filed the taxation render years ago or are preparing it for the first time this yr, you must increase your revenue enhancement pecker for the interest and penalization charges the IRS imposes when y'all pay your taxes late. Calculating your penalties and interest will provide you with a more accurate estimate of what you lot need to pay.

For example, if yous file your tax return five months or more afterwards the original due date, so you must increase your payment past 25 percent of the taxation yous nonetheless owe.

Step four: Pay your dorsum taxes

Once you lot determine how much you lot owe the IRS, information technology'due south in your best interest to pay the corporeality in full or make payment arrangements immediately. At a minimum, your outstanding back revenue enhancement balance will continue to accrue involvement each month it remains unpaid.

If the amount yous owe is significant and yous are unable to make a lump-sum payment for the full corporeality, you should contact the IRS to work out a payment plan. Once your installment plan is in identify, you can avoid more severe collection enforcement by the IRS every bit long as you adhere to all terms of the agreement and brand each payment on fourth dimension.

Recollect, with TurboTax, nosotros'll ask you lot unproblematic questions well-nigh your life and aid y'all fill up out all the right tax forms. With TurboTax you lot can exist confident your taxes are done correct, from simple to complex revenue enhancement returns, no matter what your state of affairs.

All you demand to know is yourself

Answer simple questions about your life and TurboTax Free Edition will have intendance of the rest.

For unproblematic tax returns only

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The to a higher place article is intended to provide generalized fiscal information designed to educate a wide segment of the public; it does not give personalized tax, investment, legal, or other business concern and professional advice. Before taking any action, you should always seek the aid of a professional who knows your item situation for advice on taxes, your investments, the law, or any other business and professional person matters that bear upon yous and/or your business.

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