Business & Finance Taxes

What If I Didn't File Taxes Last Year?

By Business & Finance Last updated Thursday, June/06/2024

Statute of Limitations

You have three years from the date of your original return or two years from the date you paid the tax (whichever is later) to file taxes and receive a refund. So even if you didn't file last year, you're still eligible to receive your refund, if you're entitled to one.

Penalties and Interest

If you didn't file taxes last year and you owe tax, penalties and interest will accrue from the date the return was due. The Failure to File Penalty accrues at a rate of 5 percent of the unpaid tax, while the Failure to Pay penalty accrues at a rate of 0.5 percent.

Considerations

If you do not file an income tax return, the IRS can file a substitute return on your behalf. In some cases, the IRS will file a return for taxpayers whom they believe met the filing requirements but failed to file a return. If the IRS files for you, it will not provide you with any credits or deductions for which you may be eligible, thereby increasing your tax liability.

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