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

Updated for Tax Yr 2021 • February 9, 2022 03:56 PM

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OVERVIEW

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

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Finding out how much you owe the IRS in back taxes will depend on whether the tax relates to returns y'all've already filed or ones you all the same need to file. Either fashion, yous can calculate what yous owe fairly accurately without even contacting the IRS, though at some point, you will need to contact the agency to confirm the corporeality and brand payments.

Step 1: Obtain copies of all tax returns that yous even so owe taxes on

The beginning thing yous'll need to do is gather all of your relevant returns and documents that relate to each year yous still owe back taxes for. Each of your tax returns will study the amount of tax you lot owe, but never paid. If you did file a return but no longer accept a copy, y'all can obtain ane from your accountant who prepared information technology for you or if necessary, you can social club a duplicate copy from the IRS.

Step ii: File your by-due tax returns

If your back taxes relate to returns you have not nonetheless filed, then you tin calculate the amount of tax you lot owe for each year past preparing the actual returns. However, when you lot do, y'all must use all tax forms for the item prior year that you lot are filing.

For example, if during 2021 you make up one's mind to prepare your 2018 tax render; then you must employ 2018 tax forms, schedules and instructions. If yous mistakenly file using the forms for a dissimilar tax yr, the IRS is likely to notify you lot of the fault.

Accessing these old forms is non equally difficult as you may think. The easiest option is to utilise tax training software, such as TurboTax. TurboTax provides y'all with access 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 lot to impress and fill them out manually.

Step iii: Calculate your interest and penalties

Regardless of whether you filed the taxation return years ago or are preparing it for the kickoff time this year, you must increase your tax bill for the interest and penalty charges the IRS imposes when y'all pay your taxes late. Calculating your penalties and involvement volition provide you with a more than accurate judge of what you lot demand to pay.

For example, if yous file your revenue enhancement return v months or more after the original due date, then you must increase your payment by 25 pct of the taxation you lot still owe.

Footstep 4: Pay your back taxes

Once you decide how much you owe the IRS, it'due south in your best interest to pay the amount in full or make payment arrangements immediately. At a minimum, your outstanding back tax balance will continue to accrue interest each calendar month it remains unpaid.

If the amount you owe is meaning and y'all are unable to make a lump-sum payment for the full amount, yous should contact the IRS to piece of work out a payment plan. Once your installment plan is in place, you can avert more severe collection enforcement by the IRS equally long as y'all attach to all terms of the agreement and make each payment on time.

Call up, with TurboTax, nosotros'll ask you uncomplicated questions about your life and assist yous fill up out all the right tax forms. With TurboTax you tin can be confident your taxes are done right, from simple to circuitous revenue enhancement returns, no thing what your state of affairs.

All y'all demand to know is yourself

Answer simple questions near your life and TurboTax Free Edition will accept care of the rest.

For simple revenue enhancement returns only

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The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional person advice. Before taking any activeness, y'all 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 concern and professional matters that affect yous and/or your business organization.

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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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