Taxpayers who rely on special rules to cut things close must understand how the rules apply. A Wisconsin couple lost a tax refund of more than $7,000 for being two days late on their filing date.
The couple extended their 2012 tax return, but the extended due date of Oct. 15, 2013, came and went without them filing. Almost three years later, the couple mailed their 2012 Form 1040 to the IRS. It showed they were owed a $7,386.48 refund. However, the couple’s administrative claim for a refund fell two days after the due date because they neglected to follow two special rules.
Where did they go wrong? Find out here.