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10 March, 2010 |

I filed estimated taxes in 2002 as I was daytrading at that time. My accountant advised me to do this because?

  • of my 2000 and 2001 returns. I sent 2 payments 60,000 and 20,000. 6 months ago I was told that my 2002 return was never recieved. I could not find it and field the return. When I called IRS this week they told me I had a credit of 83341- 80,000 overpayment and 3441 tax owed/ and its in staute dept. I know I forfiet the 3441 but what about the 80,000 I over paid ontime in 2002. Help?


  • The statute is 3 years from the due date (that expired in 2006) or 2 years from when you paid taxes (that was over in 2004), whichever is later. You snooze, you lose.

    There are few statutes that keep the books open longer, but they are rare. For example, if you were in a coma or you had some worthless securities that weren't proven to be total loasses for a few years.

    Clearly you didn't do the tax return. If you had, I doubt you would have left $80K sitting on the table so long.

    The good news is at least you don't owe for 2002. (If the IRS had attempted to calculate your income based on the trades and $0 basis.)


  • The Statute for Refund is 3 years from the due date of the return. After that time there is no way to get any overpayment returned to you.







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