I have a couple of W2's what would happen if i didn't bring in one that says i made about 4G's. This will make my income about 11,000. Will I be arrested or fined? what's the deal?
2007-01-25 13:17:26 · 3 answers · asked by Jonas_83 3 in Business & Finance ➔ Taxes ➔ United States
They would probably owe me more money in my tax return. Does that mean there won't be any interest since I don't owe them anything?
2007-01-26 03:47:33 · update #1
You will eventually receive a letter from the IRS telling you that you left something out. This could take a month or two years, but it will come. If you owe additional taxes because of that W-2, then they'll tell you how much extra you owe and demand payment, including interest and possible penalties. You won't be arrested. But why would you do that? You just guarantee that down the line you have an IRS problem.
2007-01-25 13:24:39 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
If you had income reported to you on a W-2, the IRS knows about it. The IRS receives a copy of every single W-2, and they will match the W-2's against the income that is reported on an individual's tax return. If you "forget" to bring it with you when you file your tax return, the only one who will be liable for that is you. Your tax preparer is absolved from any blame since they can only prepare a return as accurately as the information you provide to them.
2007-01-25 21:54:33 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋
You will get a "nasty gram" from the IRS saying you didn't report all your income. There will be interest on the taxes that are owed. Penalties will probably also be assessed. Don't worry, they won't send you to jail.
2007-01-25 21:27:36 · answer #3 · answered by Dizney 5 · 0⤊ 0⤋