If the income that I enter on my tax return doesn't match what was reported to the IRS how likely am I to get audited?
2007-02-17 14:52:58 · 5 answers · asked by Paulymon 1 in Business & Finance ➔ Taxes ➔ United States
You're not very likely to get audited, any more than if you hadn't forgotten the income.
What is pretty SURE to happen is that you'll get a letter from the IRS telling you what you "forgot", and telling you how much additional tax to send them. Interest, and possible penalties, will be added to the original amount. This will probably take several months, or even a year or more, after you file your return. Their computers match up all the info that was reported by employers and other entities to the IRS, and kick out letters for any discrepancies.
2007-02-17 14:57:32 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
They will eventually catch it although it may take a few months. Then they will send you a letter letting you know that they received the additional W2 and that your new AGI is based on that new info, and if you owe any additional taxes. If you owe, you will be able to request a payment plan. It happened to us about a year or two ago and we did not get audited but it was not swept under the rug either. They match your return with all the W2's and 1099 forms and whatever else is sent them from your employer, and if there is any kind of a discrepancy....THEY WILL FIND IT AND YOU WILL BE NOTIFIED!
2007-02-17 17:11:15 · answer #2 · answered by MarineMom 6 · 0⤊ 0⤋
Your audit danger might desire to be very small, yet please shop all your archives (purchase & sale) for a ability table audit. The IRS is increasing its type of table audits on a daily basis and inventory sales are a rapid audit that has a extreme share of substitute. it relatively is a robust theory to maintain any tax archives for a minimum of three years and extra desirable nevertheless six years.
2016-10-02 07:59:45 · answer #3 · answered by ? 4 · 0⤊ 0⤋
you may get a notice saying that you missed something and to pay a certain amount more in taxes. a notice is more likely than an audit.
2007-02-17 15:32:16 · answer #4 · answered by Melissa O 2 · 0⤊ 0⤋
They will catch it, they always do. All they will do is change it, notify you and if you are getting a refund, it will be delayed. OR you can file an amended form (you can get it at the library) and change it yourself.
2007-02-17 14:59:19 · answer #5 · answered by jamsterette@sbcglobal.net 4 · 0⤊ 0⤋