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If your taxable income is $0 (actually negative) is there a…

If your taxable income is...
If your taxable income is $0 (actually negative) is there a penalty for late filing? Do you need to file at all? What is the 2016 filing deadline with an extension?
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Answered in 1 hour by:
10/15/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,153
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The only time a late filing penalty comes into play is if you owe. If you are getting a refund or "zero out," there is no penalty for late filing.

The extension filing deadline for 2016 is tomorrow, October 16, 2017.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 8 months ago
Thanks. Another question. what is the filing deadline for New Jersey. Can I assume that if you "zero out" there is no penalty at this State level?

Filing deadline for NJ is the same as federal.

If you have no tax liability, there is no late filing penalty at either the federal or state level.

Please take a moment to rate my answer since that is the only way I receive credit for answering you.

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Customer reply replied 8 months ago
The reason I raised the question regarding NJ is that I saw a date for the 18th but I guess I could have misread it.

Give me a minute to check, and I'll let you know.

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The original filing date for NJ was April 18, 2017. The extension filing deadline is October 16, 2017.

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Customer reply replied 8 months ago
ok. That's where the confusion lies. 6 months from the extension deadline of the18th thinking that would take it out to the 18th of Oct. I guess a moot point if there is no tax liability. You could file anytime. Correct?

Correct.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,153
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 8 months ago
Thanks

Thank you for the positive rating of my answer. It is very much appreciated.

Enjoy the rest of your weekend!

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