do I still need my W-2 form if its a federal work study job in order to file taxes?

Question

What had happend was I am granted a certain amount of money each semester along with work study i cant make no more than $1,990 each semester so me and my husband filed income taxes together and I completely forgot about my work study form so now after we get our check for the income tax return I get in the mail my W-2 form from the college I go to for work study so what will happen? will I have to pay the IRS and who do I need to contact? HELP Im kinda freaked out!!!

well $90.29 were withheld so not very much

Answer 1

Call the IRS 800 number. Yes, you have to pay because the IRS got a copy of that w-2.

Answer 2

You'll have to file an amended return and include that W-2. If taxes were withheld, hopefully it'll be enough to not effect your refund much, but if no taxes were withheld, you may owe the IRS money. It just depends on your tax situation.

If you did them yourself, go back to whatever program or website you used and enter your information including that income and see what the difference is - if you used a free website, they may not offer a way to do an amended return, but you can go to www.irs.gov and fill the forms out by hand and mail them in (along with any additional payment if necessary). Make sure to mark your forms with an X so they will know it's an amended return. If you used a tax preparer, go back to them and have them do it (they'll charge you). Either way, you have to file an amended return since the IRS knows you made that $.

Answer 3

It all depends on how much you got paid and how much tax was withheld. You'll have to do an amended return. But all of the income you receive, unless this is an exception, is taxable. It's easy to fill out an amended return. Just enter the changes, if I remember right, and the IRS will figure the rest. You can get forms and instructions online at IRS.gov if you did your taxes yourself or go back to your preparer. The IRS knows the amount of money you got paid and paid in taxes because they receive a copy of your w-2s, too. Just relax, it might not be so easy to take right now, but it's all part of life. Best wishes.

Answer 4

Ooopsie! Surprise!!!
What you need to do is file an amended return. Don't spend that refund check yet. Just put it in the bank. You may have to send some of it back. Based on the result if your amended return, determine the amount that you have been over-refunded and send the balance back to Uncle Sam. You might need some professional help on this, if you don't completely understand it.
By the way, how much was your refund? If it was over $100, then you are doing something wrong. Decrease the amount of your deductions so that you are getting more money in pocket each month. Else you are giving Uncle Sam a interest free loan for 12 months and shorting yourself on money that you could use.
See a tax professional on this point also.

Answer 5

You must file an amended return on Form 1040X. Depending upon how much tax was withheld from the work-study program you may get an additional refund or you may owe additional tax. You won't know until you complete the amended return.

You have until April 17, 2007 to file the amended return and pay any tax due without any penalty.

Answer 6

I would go ahead and call the IRS about the whole situation. Your work study is not taxable if you used the money for "college expenses". I got pell grants so I did have to count mine. The amended return thing isn't too scary. I had to do it once. The nice man from the IRS coached me through the whole thing (over the phone) and there was no blood or tears or anything! You'll actually feel much better after talking to them--most likely!

Answer 7

If I recall, a federal work-study program is tax-free income. Minimum wage with no deductions is protected from income tax.

I went through school on veterans' benefits plus a work-study program at the local VA Hospital and none of that income was taxable. No W-2 was available because I was not an employee of the Federal government. I was a work-study.

Answer 8

Relax, it isn't all that bad, and happens all the time so it's not unusual to the IRS. You'll have to file an amended return and show that as income, and pay back any extra taxes.

Answer 9

If you worked any at all and taxes was deducted from your wages great or small, If you was send a W2 form from whom you worked with then of course you will need that to file your tax unless there are some other forms available for the purpose, to be sure check with your accountant.

Answer 10

You'll file one federal return and one state return, for the total of the two W-2's, you do NOT do one return for each W-2. If you get a refund on both federal and state, you'll get one check from federal and one from state.