Helping sister and BIL who have not filed taxes since 2017.They are very unorganized and and don't have any of their documents available so all i have to go on is wage and income transcripts from IRS website.He has been on SS and gets a small pension going back before 2017 and my sister had very modest w2 income through 2021 and started SS at age 64 in 2023.She also did take distribution from ira in 2022 with no withholding and 2021 with withholding.She got ACA tax credits for 2023 and is getting them for 2024 until 10/1/24 when she starts medicare.It looks like the only year they would have owed taxes was in 2020 (about 800.00 )but because they hadn't filed previous tax years they never got the stimulus money in 2020 and 2021 so they are eligible for refunds at least for those years.
For 2023 she got too much ACA tax credit and owes 3000.00 back so i understand she has to file taxes for 2023 and I understand there is a may 17th deadline to file 2020 taxes to get stimulus refund .My question is does it matter in what order these back taxes are filed? If the 2020 and 2021 return is filed today can refund be applied to the 3000.00 ACA credit penalty for 2023? Is the info on the irs transcripts enough to complete tax returns for someone who uses standard deduction only?
For 2023 she got too much ACA tax credit and owes 3000.00 back so i understand she has to file taxes for 2023 and I understand there is a may 17th deadline to file 2020 taxes to get stimulus refund .My question is does it matter in what order these back taxes are filed? If the 2020 and 2021 return is filed today can refund be applied to the 3000.00 ACA credit penalty for 2023? Is the info on the irs transcripts enough to complete tax returns for someone who uses standard deduction only?
Statistics: Posted by cashmoney — Tue Apr 09, 2024 12:35 pm — Replies 1 — Views 279