Tax question?

Question

Hey everybody,

I filed my taxes not too long ago and I completely forget to include the salary from one of my jobs. I only worked this job for one day last year and I made a total of $120. The only thing is, the company made a mistake and there were no federal taxes taken out of the check and I didn't catch the mistake. Do you think the government will actually even realize a mistake so small, and if so, will I be penalized? Right now I'm schedule to get a refund of around $800. I really don't want to file an amended return as I need the money immediately and amended returns usually take 6-8 weeks to come back after you have filed them. Do ya'll think I can get away with this small oversight?

Answer 1

Yes they will notice it, file an amended return 1040X to report this income

Answer 2

No, you won't get away with it, since the IRS computers match everything up - if you don't correct it by amending your return, you'll get a letter from them telling you how much additional tax is due. It will take awhile though, months or as much as a year or more.

But you could wait until you get your refund, and then file an amended return. You'll have to pay back the tax on the amount you left out, but on this little money, you are probably talking under $25. As long as you file the amendment before April 17, there won't be any interest or penalties.

Answer 3

You won't get away with it no matter how small, but it will take the IRS several months to find it and notify you of your error in not reporting one of your W2's. Since the amount is so small and the federal tax withheld will be such a small amount, as soon as they send you the error notice (been there, done that) you can just pay what they say you owe, if any, and it will be over with. Too me that is a lot easier than filing an amended return, especially for such a small amount, but to be legal, you should file the amended return as everyone else here has said.

Answer 4

If you have already filed the first return, you can still get your money back at the normal time, it's just when you file the amended return, you will have to send a check with it for the taxes on the $120, which won't be much, maybe $10 if even that.

Answer 5

File an Amended tax return! 1040x. That information is being supplied to the IRS, so it will be a matter of time. No, the IRS is not in the business of weighing your tax liability vs. your income. They will take it off the top. It will be better in the long run/ short run to amend your tax return.

good luck & bless

Answer 6

All income earned is reported to the IRS and it is up to you to make sure that it is accounted for on your federal filing. Do an amended return to figure out what the tax will be on $120 and send in the check for it. It's better than having Uncle Sam refigure your taxes for you.

Answer 7

You need to file an amended tax return 1040x. When to file depends. If you own money do it now so that you will not charged the interests and penality. If you are getting refund, you need wait till you get first refund and then file the 1040x. You can find details at

http://findtaxservice.com/faq-tax-tips/view/irs-taxtips/missing-w2/48/

Answer 8

Hard to think you'll get caught; but I'd file the amended return anyway. The fact they didn't take taxes out doesn't mean you don't show up as a paid employee in some other manner.

With the irs:

"Better safe than sorry".... Al Capone.

Answer 9

You definatley should file a 1040X to include the additional income, but you should not do that until AFTER you recieve your current expected refund! If paths cross on the original return and the amendment it will hold up original refund! You also will need to file a 201X to amend NY.

Answer 10

The irs has all your information from the places that you worked, they will (the places you worked) send in the same forms to the irs. The Irs will probably just fix the mistake in the office that receives it, and will make any adjustments to your check then. Then they will send you a form stating why your check is different than your original filing. Sometimes you have to adknowledge it, by sending them back a signed form, but more than likely they will just send you a form stating what they did to change the original. You can always call them, and ask them what you should do.

Answer 11

I am a manager for a tax service and the answer to your question is that legally you are required to claim all earned income. now will the IRS catch it? mabey or mabey not. The question now becomes, are you willing to take the risk and possibly face penalties either now or down the road? I dont know your entire tax situation but it may not even make a difference in your refund depending on other factors. you could always go to a tax prep place and show them your return and the W2 in question and they can tell you if it would make a difference or not. they wont charge you for the consultation.