How to Find Out What You Owe the Irs

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How to Notice Out How Much You Owe in IRS Back Taxes

Updated for Tax Year 2021 • February nine, 2022 03:56 PM

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OVERVIEW

You lot can calculate what you owe in dorsum taxes fairly accurately without fifty-fifty contacting the IRS.

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Finding out how much yous owe the IRS in dorsum taxes will depend on whether the tax relates to returns y'all've already filed or ones you still need to file. Either way, y'all can calculate what you owe fairly accurately without even contacting the IRS, though at some signal, y'all will need to contact the bureau to confirm the amount and make payments.

Stride 1: Obtain copies of all revenue enhancement returns that you notwithstanding owe taxes on

The first thing you'll demand to do is assemble all of your relevant returns and documents that relate to each year you notwithstanding owe back taxes for. Each of your tax returns will report the amount of taxation you owe, but never paid. If you lot did file a return simply no longer have a copy, you can obtain one from your accountant who prepared information technology for you or if necessary, you tin can guild a duplicate copy from the IRS.

Step 2: File your past-due revenue enhancement returns

If your back taxes relate to returns you have not however filed, then yous can calculate the amount of tax you owe for each twelvemonth past preparing the actual returns. Even so, when you lot do, you must utilize all revenue enhancement forms for the item prior year that you lot are filing.

For instance, if during 2021 yous determine to prepare your 2018 taxation return; then yous must use 2018 tax forms, schedules and instructions. If you mistakenly file using the forms for a dissimilar tax yr, the IRS is likely to notify you of the error.

Accessing these one-time forms is not as difficult as y'all may think. The easiest selection is to utilize taxation preparation software, such as TurboTax. TurboTax provides you with admission to many of the IRS forms from prior years. Alternatively, you can search for each form you need on the IRS website. However, many of the older forms on the IRS website require you to print and fill them out manually.

Step iii: Calculate your interest and penalties

Regardless of whether you filed the revenue enhancement return years ago or are preparing it for the first time this year, you must increase your taxation neb for the interest and penalty charges the IRS imposes when you pay your taxes tardily. Computing your penalties and interest will provide you with a more than accurate estimate of what you lot need to pay.

For instance, if you file your tax render five months or more than after the original due engagement, then you lot must increment your payment by 25 percent of the revenue enhancement you even so owe.

Step 4: Pay your back taxes

In one case you determine how much you owe the IRS, it's in your best interest to pay the amount in full or brand payment arrangements immediately. At a minimum, your outstanding back tax residuum volition go on to accrue involvement each month it remains unpaid.

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

Call up, with TurboTax, we'll ask you lot elementary questions about your life and help you fill out all the right tax forms. With TurboTax you can exist confident your taxes are done correct, from simple to complex tax returns, no matter what your situation.

All you need to know is yourself

Answer simple questions about your life and TurboTax Free Edition will take care of the rest.

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

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Source: https://turbotax.intuit.com/tax-tips/tax-payments/how-to-find-out-how-much-you-owe-in-irs-back-taxes/L0whhg4AS

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