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

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

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OVERVIEW

You tin calculate what you owe in back taxes fairly accurately without fifty-fifty 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 you lot've already filed or ones you lot still need to file. Either way, you lot can calculate what you lot owe adequately accurately without fifty-fifty contacting the IRS, though at some bespeak, you will demand to contact the agency to ostend the amount and make payments.

Step 1: Obtain copies of all taxation returns that you still owe taxes on

The first thing you'll need to do is assemble all of your relevant returns and documents that relate to each year you all the same owe back taxes for. Each of your taxation returns volition report the amount of tax y'all owe, but never paid. If you did file a return but no longer have a re-create, you can obtain one from your accountant who prepared it for you or if necessary, you can order a duplicate copy from the IRS.

Step ii: File your past-due tax returns

If your dorsum taxes chronicle to returns y'all have not nonetheless filed, then you can calculate the amount of tax yous owe for each year by preparing the actual returns. Yet, when you do, you must use all tax forms for the particular prior year that yous are filing.

For example, if during 2021 you decide to set up your 2018 tax return; then y'all must use 2018 revenue enhancement forms, schedules and instructions. If you mistakenly file using the forms for a dissimilar tax year, the IRS is likely to notify you lot of the error.

Accessing these old forms is not as difficult every bit y'all may think. The easiest choice is to employ taxation preparation software, such equally TurboTax. TurboTax provides you with access to many of the IRS forms from prior years. Alternatively, y'all tin can search for each form you lot 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 3: Calculate your interest and penalties

Regardless of whether you filed the tax return years ago or are preparing it for the offset fourth dimension this yr, y'all must increment your taxation bill for the involvement and penalty charges the IRS imposes when you pay your taxes late. Calculating your penalties and interest will provide you lot with a more accurate gauge of what you need to pay.

For instance, if y'all file your tax return five months or more afterward the original due date, then you must increase your payment by 25 percent of the taxation you lot withal owe.

Step 4: Pay your dorsum taxes

Once you make up one's mind how much you owe the IRS, it'due south in your best interest to pay the corporeality in full or brand payment arrangements immediately. At a minimum, your outstanding dorsum revenue enhancement balance will continue to accumulate involvement each month it remains unpaid.

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

Call back, with TurboTax, we'll ask you simple questions about your life and help yous fill out all the right tax forms. With TurboTax y'all can be confident your taxes are washed right, from unproblematic to complex taxation returns, no matter what your situation.

All you demand to know is yourself

Answer simple questions about your life and TurboTax Costless Edition will accept intendance of the residuum.

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The above commodity is intended to provide generalized financial information designed to educate a broad segment of the public; information technology does not give personalized taxation, investment, legal, or other business and professional advice. Earlier taking any activity, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or whatsoever other business and professional person matters that touch yous and/or your business organisation.

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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