Financial Planning for Generation X & Y Women
 
Notice: Because of a database server upgrade, this site may be partially non-functional from August 21st to August 22nd. No data will be lost. We apologize for any inconvenience.
Under slight reconstruction until 5PM CST today... Please excuse the dust!
Resource Center
Expert Q&A Archive Teleconference Call Archive Online Resources Federal Reserve Board Resources FPA Perspectives

Expert Q&A Archive

09/17/2008
Can You Amend Prior Taxes for Financial Emergency?
I heard that you can request a refund from the IRS for taxes paid in previous years if you have a financial emergency. Can you provide any information on this?
Rosemary Ervin, CPA:
expert info »
You can amend a prior year return to report a discrepancy in the originally filed return which may yield a refund; but you must support the assertion, for example, you failed to report a deduction for medical expense.

You cannot get a refund of taxes paid because of financial emergency. You may be able to borrow some of the money that you contributed to a retirement plan in the past, but you will have to pay it back with interest.
Gail Rosen, CPA:
expert info »
There is no tax law that I am aware of that allows you to get a refund of taxes paid due to a financial emergency. The closest thing I can think of is that if you have an NOL (Net Operating Loss) for your total income, then you can possibly carry it back and get a refund of prior taxes paid.
 

Family Development & Resource Management
2251 TAMU | College Station, TX 77843-2251 | Map
Phone: (979) 845-3850 | Fax: (979) 845-6496 | E-mail:  fdrm@tamu.edu

Web Site Maintenance: Family & Consumer Sciences

All rights reserved