I work 2 jobs, one is full time and the other is a part time, I don't even think I make over 8,000 dollars there in a year. I was wondering what would happen if I didn't file them on my taxes, I get less back.
2007-11-05 03:14:30 · 10 answers · asked by MIKEL 2 in Business & Finance ➔ Taxes ➔ United States
The job will report your earnings, so the IRS will know you lied on your taxes. They may adjust your return, but more likeley you will set yourself up for trouble. If you didn't earn enough to be taxed you won't, but that isn't decided by how much you make at one job, but by how much you make in total.
In short, don't leave it off.
2007-11-05 03:26:23 · answer #1 · answered by MamaC 3 · 0⤊ 0⤋
If you don't file it, the IRS will still get a copy of the W-2 from your employer, so they'll send you a letter telling you that you omitted part of your income from your return, and tell you how much additional tax you owe and give you a date to pay it by. It can take quite awhile, a year or more, before they find it, and by then, interest and penalties will have accumulated so you'll owe a lot more that if you had just paid it in the first place.
2007-11-05 07:28:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The IRS receives notice of any W-2 you receive. The W-2 is an IRS form.
If you omit a W-2 from your tax return, you will certainly receive a notice from the IRS. It may take a year or two, but you will certainly receive it. In the meantime, the taxes you may owe will be subject to penalties and interest, which may substantially increase the amount owed. You may be charged penalties for underreporting income and for not paying on time.
If you received an increase in refund by not reporting the second W-2, you will have to pay that refund back with interest from the date of your original tax return.
If your refund included Earned Income Credit to which you were not entitled, you may be excluded from receiving the EIC for up to 10 years.
So, it is pointless to try to omit a W-2 from your tax rturn.
2007-11-05 03:26:45 · answer #3 · answered by ninasgramma 7 · 1⤊ 0⤋
The IRS will catch up with you in a year or two and will send you a bill for the taxes owed, plus penalties and interest. They already know how much you made and how much was withheld so it's a fool's mission to not file properly.
You will get audited, that's pretty much guaranteed. You won't go to jail, that's reserved for the worst of the worst.
2007-11-05 03:26:36 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
First, it would decrease your refund by more than $800, and you might not get any refund. In addition to taking away the $800 that you would have lost by filing correctly, they would also charge you a penalty (a fine). If they thought you did it by accident, then this might be all that would happen. If they knew that you did it on purpose, then you could also spend some time in federal prison, after which you probably would not have one or both of the jobs.
2016-04-02 06:05:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Thats a gamble. I did that once totally by mistake. It took them 2 years, but they caught up with me. I now owe the IRS alot of money. I wouldnt do it. You dont want to F* with Big Brother.
2007-11-05 03:42:08 · answer #6 · answered by pepper_0713 2 · 0⤊ 0⤋
If you are paid cash, you most likely will get away with it. If you are paid by check, you will be caught, fined, and depending on amount owed and length of time frauding the government, could face jail time.
Now is it worth it?
2007-11-05 03:27:04 · answer #7 · answered by Mr. Prefect 6 · 0⤊ 1⤋
If you would get less back why would you leave it off?
If you get audited you could face legal problems.
2007-11-05 03:21:43 · answer #8 · answered by dkgroce 3 · 0⤊ 0⤋
you could be audited, fined, jail time...who knows what all fun stuff you could be in for...yippee (file your taxes properly)
2007-11-05 03:23:16 · answer #9 · answered by vmoore708 3 · 0⤊ 0⤋
We will catch you...
2007-11-05 03:23:23 · answer #10 · answered by Phurface 6 · 0⤊ 0⤋