Forgot to File a Prior Year Return?

According to the IRS, in the state of Michigan, 29,200 people have yet to file their 2010 federal tax return, and the government is looking for you! This time it’s a good thing! These people have until April 15th of this year to file their tax returns to get a refund. Yes! The Federal government believes that about 29,200 people in MI are due refunds averaging $597 each. The total that the federal government expects to pay out to MI taxpayers who file for 2010 is actually $24,259,000.

Prior year returns are filed on the forms designated for that tax year. For those still needing to file a 2010 tax return, taxpayers would need to locate 2010 tax forms. This can be done through a professional tax preparer or through the IRS website. File the return as you would normally; use the current mailing address for tax filings. Prior year returns can’t be e-filed.

Don’t forget that you will have to complete the MI tax return for that year as well.

Neither the federal or state governments will assess interest or penalties on late returns when there are refunds. So it is in your best interest to file and get this money while you can. After April 15, 2014, the federal government considers 2010 a “closed” year, so they will not pay out any refunds due on tax returns filed for 2010 after that date.

And of course if you owe, well, it does become more complicated. Both the federal and state governments will assess interest and penalties. But it’s best to file as quickly as possible to stop those interest and penalties from accumulating.

So if it’s possible that you are one of the 29,200 people in MI that Uncle Sam owes money to, sharpen that pencil and get to work! File that 2010 tax return and get the $$$$ that is yours!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s