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Health Savings Account Irs

Posted in Uncategorized | August 27th, 2011

Should I file for the past six years even though I only have a minimal amount of unearned income?

I am unemployed and dependent on my mom for support.For the past several years all I have earned is a minimal amount of unearned income(below minimum amount to file) on a savings account and a certificate of deposit. I heard from someone that you should file for the past six years because the IRS can hold you criminally responsible if you didn’t file and should have. I know I don’t owe any money, but should I back file for at least the past six years? I am also concerned because I am applying for state health insurance(for low income and poor people)and the insurance program wants my social security number and they will use my ssn to check my latest tax form. If they don’t find a tax form will I be in trouble with IRS or possibly be audited? Also if I did back file, do I have to pay a late filing fee for each year(I think it is a $100.00 per year) even though I won’t owe any taxes. Also, is there any reason to backfile beyond six years if I don’t owe anything?

The fee goes by how much they feel you owe and by how many days late you are. Best to file so you don’t get into trouble but the odds are you should consult a tax attorney to represent you for fines and cost. Odds are you would have got money back. Not now you are late.