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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3120
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am filing taxes children. One is 17 and one is 20. Both of

Customer Question

I am filing taxes for my children. One is 17 and one is 20. Both of their taxes owed is zero, but they have small amounts of long term capital gains. I thought I read somewhere that I can file up until some time in November. Is this correct?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

No, the same deadline applies to all returns, April 15 or October 15 with an extension. However, if they don't owe anything, there's really no penalty for not filing on time. All fees and penalties for individuals are calculated from balance due, so if there's a refund or zero liability, there's no penalties.

Customer: replied 1 year ago.
Thank you for your help
Expert:  emc011075 replied 1 year ago.

You're welcome. And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.