so i filed my income taxes about a week ago and the other day i received a w-2 from a part time job that i had in the beginning of the year and forgot about. my question is will this affect how much im getting back a friend of mine told me that when you send your taxes into the irs that they have all the information on how much you made that year and how many jobs you had so theres a chance i could get back more money than i thought i would. is this true???
2007-02-10 06:06:18 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The IRS gets all the information, but not this quickly. What I would do if I were you, is wait until you get your refund, then file an amended return to add the previously undisclosed income. I couldn't even hazard a guess as to whether it will affect your refund . . . that depends on too many factors. But you MUST file an amended return, else it will catch up with you eventually. Then there would be penalties.
2007-02-10 06:11:22 · answer #1 · answered by legaleagle 4 · 1⤊ 0⤋
I totally agree with legaleag that they will not have your info that fast. If you filed already and are getting back a refund it will most likely not affect it at this point. It takes the IRS a few months at least to find descrepancies like that and when they do, they will contact you and let you know, but I would not count on getting a bigger refund unless you are getting EIC and the chart shows that if you had made more $$, your refund would be higher. Otherwise I don't see how more income would grant you a bigger refund.
2007-02-10 15:54:43 · answer #2 · answered by MarineMom 6 · 0⤊ 1⤋