I mistakenly transposed a digit on the withholding section and am afriad that this will delay my return. When does the IRS receive tax withholding records my my employers for 2006? Could this possibly be overlooked until later in the year so I can receive my return in time?
2007-02-06 01:45:01 · 8 answers · asked by brian j 1 in Business & Finance ➔ Taxes ➔ United States
Assuming you don't report or amend it, one of three things will happen:
The return will be processed as filed.
The return will be recalculated by the IRS (this is the most likely scenario).
The return will trigger an audit. If this happens, confirm that that is the ONLY reason for the audit (they have to tell you specifically if you ask), and be prepared to give them the correct figure with a very brief explanation as to why it was incorrectly reported.
2007-02-06 01:55:50 · answer #1 · answered by Rob D 5 · 0⤊ 2⤋
The company has already sent your W-2 info to the IRS, but they might not catch the error for a few months or more. If they accepted your return, you'll probably get your refund as shown on your return, then be notified later of the error. You need to file an amended return correcting the error - to avoid any penalties, file it before April 17.
2007-02-06 04:26:33 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
That type of error is usually caught by the IRS when you file, if you file a paper return or e-file and send in your W2s.
If you e-filed and did not send your W2s to the IRS, you'll have to file an amended return on Form 1040X. The IRS will eventually catch that but it may be after the filing deadline. If tax is due because of the correction, you'd have additional penalties and interest to pay if it's not corrected by the filing deadline.
2007-02-06 01:54:24 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
That type of error is usually caught by the IRS when you file, if you file a paper return or e-file ",
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2007-02-09 22:20:21 · answer #4 · answered by hall_andrew1 1 · 0⤊ 0⤋
You just need to file an amended return. Figure it yourself or have a preparer do it for you to make sure it will even affect you. If it does in their favor, just file an amended return. As long as you do it before April 15th, they won't penalize you. It shouldn't hold up your current refund though. If you receive your refund before you amend then you may owe them some money back, no biggie, just cut them a check.
2007-02-06 01:55:46 · answer #5 · answered by F.A.Q. 4 · 1⤊ 0⤋
I think there was a change to the tax laws in 2006 which require you to amputate, attach, and mail the hand that made the error, along with the appropriate forms to the IRS before you get your refund.
2007-02-06 01:50:59 · answer #6 · answered by lunatic 7 · 1⤊ 1⤋
irs computers will catch it and just adjust your refund, or will bill you for amount missed if you owe, plus possibly penalties and interest. if it only a small amount and you're in a refund position, i wouldnt sweat it. if a large amount, file amended return
2007-02-06 03:33:33 · answer #7 · answered by jim06744 5 · 0⤊ 0⤋
your a&# will get audit lol lol all jokes aside if irs cacth it then you will have to pay the money back what they gave you if not then your free to go
2007-02-06 01:50:48 · answer #8 · answered by kix305 2 · 0⤊ 2⤋