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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 3375
Experience:  Over 20 Years experience
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I have not filed my tax return for 2012. My father passed away

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I have not filed my tax return for 2012. My father passed away on April 15th and with everything going on I never got a chance to file or request an extension. I only have two 10 99's from last year with a total of around $4000 in income. What should I do?

Randalltax : Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.
Randalltax : Sorry to hear of your loss, but unfortunately, the IRS does not have an exception for late filing since you could have filed well before the deadline or filed an extension with minimal effort.
Randalltax : Penalties only apply if you have a tax due, but if you had no withholdings, you may have some tax due.
Randalltax : Penalties start at 5% per MONTH for filing late, so you are already one month late. The sooner you take care of this problem, the less expensive it will be.
Customer: I've read somewhere that you don't need to file if you made less than $9500.
Randalltax : If your only income is under $5K, your only tax will be self-employment taxes. If you are not married and over 25, you may have some credits (Earned Income Credit) that reduce most of your tax due.
Randalltax : If you receive ANY 1099_MISC, this indicates you were self-employed, and while there may not be income tax, you will have self-employment taxes on any amount over $400 earned in the year.
Randalltax : Therefore a return IS REQUIRED in your situation.
Customer: Not married and over 25. How do I estimate this self
Customer: employment tax and how much is due?
Randalltax : If you fail to file a return, the IRS will file a "substitute return" in about 18 months and bill you, plus interest and penalties.
Customer: I would like to file, I just need to know how to estimate thee amount of tax owed.
Randalltax : If you are not familiar with how to prepare this type of return, you should visit a local tax preparer for assistance.
Customer: OK, thanks.
Randalltax : SE Tax is 13.3% of your net income in 2012 (starting in 2013 it will return to 15.3%)
Customer: Thanks
Randalltax : If y ou are over 25, your EIC is about 7.5% of the net income
Randalltax : Not enough to pay the SE Tax though.
Customer: Thanks I will try to estimate and fill out forms.
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