I apologize for the blunt stupidity this question may provoke, but I had 4 jobs in 2006, total income just over $16,000. My Federal return is probably going to suck, is it illegal to omit a W-2???
2007-02-22 20:53:00 · 4 answers · asked by lewisthomasp 2 in Business & Finance ➔ Taxes ➔ United States
I'm not quite sure the correct word is it illegal. It is clearly a violation of Internal Revenue Regulations not to report all your income as reflected on the W-2s. Note Section 61 IRS Regulations defines income from "all" sources. I suggest you report it since your employers will report to the IRS the income on your W-2 when they report their 940 with the IRS. The IRS compares the W-2 leaving you with a problem of additional tax, penalties, and interest. Believe me you will not like the IRS rules on penalties.
2007-02-22 23:30:44 · answer #1 · answered by wph00 4 · 2⤊ 0⤋
Well, you'll be the only one because your employer has already reported that income to the IRS. By law, employers have to submit and declare their annual payrolls' W-2's and 1099's showing how much they paid employees. So, if you don't claim that income, you'll get penalties and IRS wil charge you even more.
2007-02-23 04:59:36 · answer #2 · answered by Anonymous · 1⤊ 0⤋
IRS will fine you if you don't file it. It may lead to prosecution if you don't pay the IRS.
Just file it because you can't run away from the tax man.
2007-02-23 05:21:31 · answer #3 · answered by Geeeyaaa 4 · 0⤊ 0⤋
yep.. as Sara above says... also you might get audited (eww! scary).. and if they think you are doing sneaky non reporting, they might start poking in back years and drag up everything.. do yourself a favor and just report it now and save yourself a headache later..
2007-02-23 05:01:59 · answer #4 · answered by Mintee 7 · 0⤊ 0⤋