2007-02-12 09:34:48 · 7 answers · asked by Mary Ann 1 in Business & Finance ➔ Taxes ➔ United States
what if htis happned 2 yearsa ago?
2007-02-12 09:41:42 · update #1
You must file an amended return and report that income. If you fail to do so and you end up owing, you will be charged penalties and interest on any balance due You need to complete form 1040X
http://www.irs.gov/pub/irs-pdf/f1040x.pdf
For a prior year, they may not have caught up with this omission yet, but they will, I advise calling the IRS at 1-800-829-1040
2007-02-12 09:48:03 · answer #1 · answered by Anonymous · 2⤊ 0⤋
You'll get a notice from the IRS asking why the W-2 wasn't included. If this is what happened to you, file an amended tax return to correct the error. Better that you catch it now because the IRS will be months before they send you a notice. By that time, you'll be charged penalties and interest, aside from any tax liability. If you had additional withholding on that W-2, you may not even owe additional tax.
Oh, I see you have a bit more information. The IRS hasn't figured this out from a 2005 tax return? You definitely should have received a notice by this point, assuming you filed by 4/15/06. If you haven't, it's possible that when they recalculated your tax return with the $700 that you omitted, there was no increase in your taxes-strange, but possible, I guess.
2007-02-12 17:39:38 · answer #2 · answered by SuzeY 5 · 1⤊ 1⤋
File a 1040X (Amended US Individual Income Tax Return) by April 17 and there is no penalty. You have to file this form on paper and attach the W-2. You will probably owe additional taxes. Write a check for the additional amount and cash any refund check received from you original return.
EDIT: Depending on the withholding on the 'new' W-2, you may get an additional refund.
2007-02-12 19:26:46 · answer #3 · answered by STEVEN F 7 · 1⤊ 0⤋
You can always file an amended return. You may only have to pay interest on whatever tax might have been due and if enough tax was paid in advance there might not even be a penalty.
Or you can just sit tight and see what happens. Another 8 years or so and you are in the clear.
2007-02-12 18:20:41 · answer #4 · answered by Anonymous · 0⤊ 2⤋
punishment is interest & penalties - just amend your return before you get a "nasty gram" from the IRS
2007-02-12 18:00:09 · answer #5 · answered by Dizney 5 · 0⤊ 1⤋
Can you re-do it since taxes are not due yet? Call and ask them.
2007-02-12 17:38:25 · answer #6 · answered by JiveSly 4 · 0⤊ 3⤋
I WOULD TALK TO AN ACCOUNTANT ABOUT THAT ONE... YOU NEVER KNOW... THIS GOVERNMENT IS CRAZY... YA KNOW?!?!?! JSUT GIVE A CALL TO H &R BLOCK OR SOMETHING IF YOU DO NOT KNOW AN ACCOUNTANT! GOOD LUCK WITH IT!
2007-02-12 17:39:15 · answer #7 · answered by downtown 1 · 0⤊ 3⤋