I want to report only two of my Three W-2 forms this year, what are the penaltes for that?

Question

I held three jobs last year and on one of my W-2 forms I owe money to the IRS, but i was thinking I can just file the two that I dont owe money on until I can afford to pay.

Answer 1

The IRS will figure this out eventually. They will recalculate your tax return and send you a bill for the taxes owed, along with penalties and interest for underpayment of any taxes. These will accrue from the filing deadline for the return until they are paid in full.

The IRS doesn't start reviewing returns for these errors until after the filing deadline so if you filed an amended return by April 17, 2007 and paid the tax due, there would not be any penalty.

Your return isn't due until April 17, 2007. You have until then to save up the $$$ needed to pay the tax. Start saving now and file your return and pay the tax just before the filing deadline. If you short-file now, your debt will be whatever refund you receive now, PLUS the tax that shows due on your return. The penalties and interest will cause that to grow rapidly.

The IRS takes a dim view of this type of shenanigans. If they suspect that that's what you did, they could take the issue farther and pursue a tax fraud case against you. That's not likely, but it IS an option open to them and I can promise you that you do NOT want to be their "poster child" for tax evasion.

Answer 2

Unfortunately you cannot do that. the IRS already has copies of your W-2s and is aware of the income you made. If you file an erroneous tax return, they will send you a letter stating that their records do not agree with yours. Your refund, if any, will be held up. It isnt a smart thing to do.

Besides, you really dont know how much you owe, if anything, until you prepare your tax return. You may be eligible for a tax credit like the earned income credit that you may not even be aware of.

Prepare your taxes now. If you do owe anything, you have two months to save up and file by 4/17.

Answer 3

The penalties for filing a false return will be larger than the interest you'll owe if you file properly, but aren't able to pay it all when you file. You'll owe the interest in either case. The IRS will set up a payment plan for you if you're not able to pay all that you owe when you file.

Answer 4

No, you must report all the income you made last year. The IRS will check your return and you could get into a lot of trouble by not paying your taxes cause not reporting and knowing what you are doing is considered fraud.

Answer 5

It is not a good to think you can hide information from the IRS. The IRS has knowledge of the forms you have as the employer is required by law to report this information. I highly suggest for you to be honest and "pay your dues!"

Answer 6

Well we all want to not owe the IRS but it would be a mistake to not turn ALL your W-2 forms in, SINCE THE BUSINESSES TURN THEIR COPIES OF YOUR FORM IN. Are you a natural blonde?

Answer 7

You must report all of your income from w-2's, be assured, the employer reported it and they will check your records against his. If you owe money, they will deduct it from your refund if any.

Answer 8

It is best to not screw around with the IRS. If something did happen, you could get audited. Your employers send the IRS the W2 form that they give you, when they file their taxes, because you are a deduction for their business. If the business gets audited because of something, they will find your W2 in the audit.

thank you for your thumbs down.

Answer 9

Are you asking whether it's ok to cheat the U.S. Government and deprive it of money it needs to keep our troops in Iraq beating the Iraquis about the head so that they get it into their thick brain that we only want the best for them? Don't be silly, it's never ok to cheat on your taxes. If you do it, don't tell the whole world about it.