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There are serious penalties that could be assessed if the IRS feels that you willfully chose not to report your income on your tax return. You are required to report your income and expenses on your tax return, if you were required to file a tax return for the year. You can amend your return, and include the additional W-2. You will need to wait for the original tax return to be accepted before you amend your return. Please keep in mind that an amended return, Form 1040X, can only be printed and mailed to the IRS, it cannot be e-filed, but you can prepare your 1040X in TurboTax and print it for filing.
Please see the following TurboTax FAQ for instructions on how to amend your 2015 tax return in TurboTax.
https://ttlc.intuit.com/replies/3288565
You can read more at the following IRS link: https://www.irs.gov/publications/p17/ch01.html#en_US_2015_publink1000170711
If you don't file your return and pay your tax by the due date, you may have to pay a penalty. You may also have to pay a penalty if you substantially understate your tax, understate a reportable transaction, file an erroneous claim for refund or credit, file a frivolous tax submission, or fail to supply your SSN or individual taxpayer identification number. If you provide fraudulent information on your return, you may have to pay a civil fraud penalty.
You show negligence or disregard of the rules or regulations,
You substantially understate your income tax,
You claim tax benefits for a transaction that lacks economic substance, or
You fail to disclose a foreign financial asset.
There are serious penalties that could be assessed if the IRS feels that you willfully chose not to report your income on your tax return. You are required to report your income and expenses on your tax return, if you were required to file a tax return for the year. You can amend your return, and include the additional W-2. You will need to wait for the original tax return to be accepted before you amend your return. Please keep in mind that an amended return, Form 1040X, can only be printed and mailed to the IRS, it cannot be e-filed, but you can prepare your 1040X in TurboTax and print it for filing.
Please see the following TurboTax FAQ for instructions on how to amend your 2015 tax return in TurboTax.
https://ttlc.intuit.com/replies/3288565
You can read more at the following IRS link: https://www.irs.gov/publications/p17/ch01.html#en_US_2015_publink1000170711
If you don't file your return and pay your tax by the due date, you may have to pay a penalty. You may also have to pay a penalty if you substantially understate your tax, understate a reportable transaction, file an erroneous claim for refund or credit, file a frivolous tax submission, or fail to supply your SSN or individual taxpayer identification number. If you provide fraudulent information on your return, you may have to pay a civil fraud penalty.
You show negligence or disregard of the rules or regulations,
You substantially understate your income tax,
You claim tax benefits for a transaction that lacks economic substance, or
You fail to disclose a foreign financial asset.
When the IRS catches it anywhere from 24-36 months after you file, you'll get a bill from the IRS if you owe, or you may receive additional refund. More than likely though if you don't owe, the IRS will request you file an amended return.
Ok I have a question. I have 2 ws. When I put my fulltime job w2 my refund would be almost 4,000$ then when I go put in my part time second w2 it went 4,000 to $776. If I skip putting the 2nd one so I can get the 4,000. Would I end up getting introuble?
this really sucks how we bust our A$$es and we don’t even get the taxes back that we put in
@Jmalone2455 yeah definitely don’t do that. If they catch it before processing your return all the way it will hold your refund up and you’ll have to wait for them to fix it. If they process it and issue you your refund and not catch that you did not file the w2 best believe they will eventually catch it and you will owe the difference and possibly have to pay penalties
Im exactly on the same boat. If I file one w2, i get 3k back and if i add the other one it drops to $550. I busted my butt in working and 500 dollars is nothing
Once you entered your additional income, it sounds like your tax bracket went up and/or you did not withhold enough taxes on the rest of the income. Refunds or taxes due can change with every addition on your return. What you see after you input your first item will typically not be the final result. However, you must report all of your income each tax year.
If you are working a second job, it is best to use the W-4 Calculator to determine how much you should be withholding depending on your desired result in future tax years.
@soto_okami wrote:
Im exactly on the same boat. If I file one w2, i get 3k back and if i add the other one it drops to $550. I busted my butt in working and 500 dollars is nothing
Each employer withholds as if that was the only income, but when added together you can move into a higher tax bracket so more withholding (or paying estimated tax) is necessary. When two or more jobs you might need to claim single or even have an addition amount withheld. This is very common with two incomes.
See this FAQ:
Why did my refund drop when I entered another W-2?
https://ttlc.intuit.com/replies/3798403
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