Never Filed a Tax Return in 2023? It's Not Too Late to Get Your Refund

Filing taxes is something everyone is supposed to do. And it can be in your best financial interest to file a tax return, since often, it means scoring a tax refund. That's extra money in the bank for you.

But what if you never got around to filing your 2022 tax return in 2023? Maybe life got busy -- you had a medical issue to deal with, or had a string of sick kids as the mid-April deadline approached. Or maybe you were having a hard time in your personal life and just couldn't focus on taxes.

If you never filed a 2022 tax return last year, you're not out of luck. You actually get three years from a given return's filing deadline to submit it and claim a refund.

Since 2022 returns were due in April 2023, you get until April 2026 to submit yours and snag any money you're due. But make sure you're filing your return carefully. It could pay to enlist the help of a tax professional if your situation is complex.

There's time to act, but it pays to do so quickly

You technically have a couple more years to file last year's tax return and claim your refund. But you may want to get moving sooner rather than later. The longer you wait, the longer you delay your money.

And if you're worried about being penalized for a late filing, in this situation, you don't have to worry.

Mark Steber, Chief Tax Information Officer at Jackson Hewitt Tax Services, says, "Just because you missed the deadline doesn't mean the IRS will punish you by completely removing the opportunity to collect a refund. In fact, every year the IRS announces how much money is still 'left' in unclaimed tax refunds from the closing year -- and it has been averaging over a billion dollars each year for the last few years."

Now, that said, Steber does warn, "Some states might have late-filing penalties, even if you are due a federal refund. Additionally, taxpayers who missed past tax deadlines might face federal penalties and interest, especially if they owe the IRS and don't have a refund coming their way. This includes the failure-to-file penalty and the failure-to-pay penalty. There is also generally interest that accrues on any unpaid tax from the due date until the payment is made in full."

In other words, the IRS will not penalize you for being late with a tax return if you're due a refund, because all that means is that it got to hang onto your money longer. But if you owe the IRS money and were supposed to have paid your tax bill by last April, you can expect interest and various penalties for being late. The longer you wait, the more all of those can rack up against you -- so all the more reason to get started on that old tax return ASAP.

It could pay to get tax help

If your tax situation is straightforward, then you may be just fine to submit your return on your own. But if you're itemizing deductions or own a small business, you may want to hire a professional.

There can be a lot of different rules to know in those situations. So having a professional take care of your filing could potentially result in a higher refund or prevent you from making a costly mistake.

Steber says, "I almost always recommend people work with a tax professional rather than risk filing a tax return by themselves."

However, since we're already heading into the heart of the 2024 tax-filing season, if you intend to secure help in filing an old return, act now. The longer you wait, the harder it might be to find a great tax professional with availability.

Plus, if you're in a position where you never filed your tax return in 2023, you may not want a repeat in 2024. So the sooner you line up help, the sooner you can get assistance with last year's return as well as this year's.