2007-04-13 16:44:40 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
When the IRS ran their match of W-2's to returns filed, you'd get a letter from them telling you how much additional tax you owe on the third W-2. This could take months, or even over a year, and by that time you'll also owe interest and possible penalties.
2007-04-13 18:07:37 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you received a W-2 from this job, then the IRS already has a record of it, and will look to see if you reported this income on your tax return. It's not worth it to leave out $800 income. The penalty/interest will be more than what youre saving.
2007-04-13 16:50:20 · answer #2 · answered by tma 6 · 0⤊ 0⤋
Its a problem. Taxes are based on total income not how much you make from one job. I worked for a law office in college and made just over the limit and my lawyer recommended me filing taxes for it b/c it passes the limit. The 3rd job will be reported by your employer so if they do look into they will want the money for it.
2007-04-13 16:49:22 · answer #3 · answered by MJ 3 · 0⤊ 0⤋
The IRS will send you a bill for the taxes you owe on the $800 plus interest. If you claim the EIC, they will also reduce that accordingly and bill you for that. You are going to pay it, so why pay more than you have to?
2007-04-13 17:30:01 · answer #4 · answered by Amy F 3 · 0⤊ 0⤋
Did you receive a W-2 from the third job? If so, the IRS knows you made the money and if you are audited, you are up the creek. Of course, with that small of balance...
2007-04-13 16:49:01 · answer #5 · answered by Fermat 4 · 0⤊ 1⤋