I forgot to file my wages from my former employer..although I did file my 2006 . I just found my W-2 statement from my old employer..what do I do?
2007-04-29 07:45:14 · 3 answers · asked by Royal Racer Hell=Grave © 7 in Business & Finance ➔ Taxes ➔ United States
File an amended return, listing all your income including the W-2 you just found.
If you just let it go, the consequences if you owe additional tax will be that eventually you WILL hear from the IRS (this isn't a maybe) demanding payment for the additional taxes, plus penalties and interest. It could take a year or more before you hear from them, by which time the interest and penalties could have added up to quite a bit.
It's possible that you had enough withheld on that W-2 to pay the addtional taxes on that income, plus some. If that's the case, the consequences would be that you wouldn't get the refund that's due to you.
2007-04-29 11:42:11 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
If you don't file an amended return, you will get a letter from the IRS and your state department of taxation. They will basically say that they received information that showed more income than you reported and possible assess additional tax.
File an amended return (1040X) as soon as possible to avoid or reduce the amount of penalty and interest they will assess.
2007-04-29 07:52:20 · answer #2 · answered by Mark S 5 · 1⤊ 0⤋
file it next year, you'll be fine.
2007-04-29 07:52:42 · answer #3 · answered by In all of you 2 · 0⤊ 6⤋