How do I file an amended return for an unfiled 2006 w-2 that I forgot about?

Question

I've just received a W-2 with additional income from a part job that I forgot about. I was wondering how do I go about filing this additional w-2 if I have already filed my 2006 taxes and what are the consquences of not filing . Its only an additional 3000 in income

Answer 1

If you discover an error after your return has been mailed, you may need to amend your return. The service center may correct errors in math on a return and may accept returns with certain forms or schedules left out. In these instances, do not amend your return!

However, do file an amended return if any of the following were reported incorrectly:

your filing status
your total income
your deductions or credits

Use Form 1040X (PDF), Amended U.S. Individual Income Tax Return, to correct a previously filed Form 1040 (PDF), Form 1040A (PDF), or Form 1040EZ (PDF). If you are filing to claim an additional refund, wait until you have received your original refund (you may cash that check). To avoid penalty and interest, if you owe additional tax for a current year amended return, file Form 1040X and pay the tax by April 17 of the current year.
http://www.irs.gov/pub/irs-pdf/f1040x.pdf
http://www.irs.gov/instructions/i1040x/index.html

This must be mailed in it can not be efiled

Answer 2

If you have used a software package to do the original return, doing the amendment should be very easy, just follow the directions. You will have to print out the amended return and mail it in.

To do the amendment manually, print Form 1040X from irs.gov and fill it out, using your previously filed tax return and the new W-2. If withholding was taken from your additional W-2, you may in fact be expecting a refund. If you are expecting a refund, it isn't so important to get it mailed in by April 17. If you owe and don't send it by April 17 you may be facing interest charges.

Attach the new W-2 to the 1040X, attach any schedules that have been changed, sign and mail if off with any payment due.

You will also need to file an amended state return if your state has income taxes.

Answer 3

You have to file an amended return on form 1040X showing all of your income and specifying the changes from your original filing.

If you don't amend your return, eventually you'll get a bill from the IRS for any extra taxes that you owe, with penalties and interest. This could take a few months, or a year or more, and the interest and penalties would be building up during that time.

Answer 4

You must file an amended return on Form 1040X and pay any additional tax due by April 17, 2007. Most of the time when you forget a W2 there WILL be a tax balance due with the amended return.

If you don't file the amended return by April 17, 2007, the IRS will eventually figure it out when they match their records to the return that you filed. (They don't normally start matching returns as filed with their records until after the filing deadline to allow taxpayers time to correct errors on their own without being hassled by the IRS.) They will recalculate your tax liability and send you a bill for any tax due, plus penalties and interest for late payment of the tax.

It's not unusual for the penalties and interest to add up to more than the tax amount due so it's well worth your while to clear this up now.

Answer 5

sure, you are able to report amended tax return sort 1040X. you are able to not rush to report amended tax return. Take it sluggish and recheck your tax return. make certain you report on or in the previous April 15, 2010 and pay the tax due. in case you do not report the amended tax return, faster or later, may well be even after extra advantageous than a 365 days, you will get a tax invoice from IRS. the quantity will comprise interest and penalty and could be lots extra advantageous than you certainly owe. 1099-misc earnings: you will rfile your earnings and organization suitable fees on schedule C or C-EZ (sort 1040). then you definately placed internet earnings (or loss) online 12 of sort 1040. This earnings isn't project to SE tax because of the fact the quantity is under $4 hundred.