Yesterday my husband & I file our income tax return. We made a combined income of $102K but I started a new job first week of December in which I made about $2300 & I forgot all about that W-2 form so I did not take it with me. Our refund is of $2777 Fed & $1454 State and was electronically filed. I know there is nothing I can do right now but what will happen. Am I going to get in trouble for those $2300 that I did not report or can I do them next year. REAL ANSWERS ONLY PLEASE!!!
2007-01-31 05:45:17 · 9 answers · asked by lasvegasgurl 2 in Business & Finance ➔ Taxes ➔ United States
No, you're not going to get in trouble, and no, you can't just file it with next year's return.
Since your return for this year is already filed, you'll have to do an amended form 1040X. On that form you'll show the numbers from the return you filed, the numbers from what it should have been, and the differences. If you owe extra tax because of this, then send it in with the return. If you had more than enough withheld on this job than you owe for taxes on it, you'll get it refunded to you.
File the amended form by April 17 and there shouldn't be any problems, since it'll still be a timely filing.
2007-01-31 17:06:00 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
You need to PAPER file an amended return showing the original amounts and the new amounts. It's called a 1040X, I work for a CPA, I'm an accountant. Since you efiled the return, there is no way to "get it back" you just need to file an amended return and you'll be fine. The deadline is April 17th this year. Good luck!
2007-01-31 05:48:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Any reputable and competent tax professional should have known about the advanced EIC payments. they show up on the W-2. That being said, the tax payer is ultimately responsible for all items on the tax return. Any additional tax would normally be the responsibility for the tax payer because that is tax yu would have owed if there had been no error. Interest and penalty are also your responsibility, although many preparers will pay interest and penalties, they are not required to. You can always sue the preparer, but you may only get the interest and penalties.
2016-05-23 23:12:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
File an amended return (you will need to do both a federal and state), including the missed W-2. You will owe tax, but if you file your amended return before April 17, they won't charge you interest and penalties.
2007-01-31 06:08:15 · answer #4 · answered by jseah114 6 · 0⤊ 0⤋
What you need to do is fill out an mail form 1040X Amended Return. You need to figure out your taxes again with the missing information included. Then use information from the original and the new form to fill out 1040X. Keep both versions of your return and a copy of 1040X for your records. Unfortunately, 1040X cannot be e-filed so you will have to mail it.
Here is a detailed article explaining how to amend your return.
http://www.internet-taxprep.com/plindex.asp?welcome=WU9900641&page=pl1040x.asp
2007-01-31 05:55:06 · answer #5 · answered by crgrier 4 · 1⤊ 0⤋
You're OK, but you do need to file an amended return before April 15th, including the new W-2.
2007-01-31 05:48:58 · answer #6 · answered by Kutekymmee 6 · 0⤊ 0⤋
If you get the 1040X and figure out what your refund should be, submit it asap. According to IRS.gov you are NOT supposed to cash the check if you realize you made a mistake and the amount you got on the check is MORE then you should have.
2007-01-31 05:52:03 · answer #7 · answered by sjl6987 3 · 0⤊ 0⤋
You will have to file an amendment. Actually, don't be afraid to call the IRS with your question. They are very kind and will tell you exactly how to fix the issue. I did this last year, and I felt SO MUCH BETTER after talking to them.
2007-01-31 05:49:17 · answer #8 · answered by Vivian D 4 · 2⤊ 0⤋
You'll need to do an amended form.
2007-01-31 05:47:52 · answer #9 · answered by Tish 5 · 0⤊ 0⤋