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revan387
New Member

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?

 
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Heather14
New Member

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?

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. 

Filing late.    If you don't file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. The penalty is based on the tax not paid by the due date (without regard to extensions). 

Fraud.    If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. 

Paying tax late.    You will have to pay a failure-to-pay penalty of ½ of 1% (0.50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax isn't paid. This penalty doesn't apply during the automatic 6-month extension of time to file period if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. 

  The monthly rate of the failure-to-pay penalty is half the usual rate (0.25% instead of 0.50%) if an installment agreement is in effect for that month. You must have filed your return by the due date (including extensions) to qualify for this reduced penalty.

  If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued.

  This penalty cannot be more than 25% of your unpaid tax. You won't have to pay the penalty if you can show that you had a good reason for not paying your tax on time.

Combined penalties.    If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 (adjusted for inflation) or 100% of the unpaid tax. 

Accuracy-related penalty.    You may have to pay an accuracy-related penalty if you underpay your tax because: 
  1. You show negligence or disregard of the rules or regulations,

  2. You substantially understate your income tax, 

  3. You claim tax benefits for a transaction that lacks economic substance, or

  4. You fail to disclose a foreign financial asset.

The penalty is equal to 20% of the underpayment. The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. The penalty won't be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged.

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7 Replies
Heather14
New Member

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?

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. 

Filing late.    If you don't file your return by the due date (including extensions), you may have to pay a failure-to-file penalty. The penalty is usually 5% for each month or part of a month that a return is late, but not more than 25%. The penalty is based on the tax not paid by the due date (without regard to extensions). 

Fraud.    If your failure to file is due to fraud, the penalty is 15% for each month or part of a month that your return is late, up to a maximum of 75%. 

Paying tax late.    You will have to pay a failure-to-pay penalty of ½ of 1% (0.50%) of your unpaid taxes for each month, or part of a month, after the due date that the tax isn't paid. This penalty doesn't apply during the automatic 6-month extension of time to file period if you paid at least 90% of your actual tax liability on or before the due date of your return and pay the balance when you file the return. 

  The monthly rate of the failure-to-pay penalty is half the usual rate (0.25% instead of 0.50%) if an installment agreement is in effect for that month. You must have filed your return by the due date (including extensions) to qualify for this reduced penalty.

  If a notice of intent to levy is issued, the rate will increase to 1% at the start of the first month beginning at least 10 days after the day that the notice is issued. If a notice and demand for immediate payment is issued, the rate will increase to 1% at the start of the first month beginning after the day that the notice and demand is issued.

  This penalty cannot be more than 25% of your unpaid tax. You won't have to pay the penalty if you can show that you had a good reason for not paying your tax on time.

Combined penalties.    If both the failure-to-file penalty and the failure-to-pay penalty (discussed earlier) apply in any month, the 5% (or 15%) failure-to-file penalty is reduced by the failure-to-pay penalty. However, if you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 (adjusted for inflation) or 100% of the unpaid tax. 

Accuracy-related penalty.    You may have to pay an accuracy-related penalty if you underpay your tax because: 
  1. You show negligence or disregard of the rules or regulations,

  2. You substantially understate your income tax, 

  3. You claim tax benefits for a transaction that lacks economic substance, or

  4. You fail to disclose a foreign financial asset.

The penalty is equal to 20% of the underpayment. The penalty is 40% of any portion of the underpayment that is attributable to an undisclosed noneconomic substance transaction or an undisclosed foreign financial asset transaction. The penalty won't be figured on any part of an underpayment on which the fraud penalty (discussed later) is charged.
Carl
Level 15

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?

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.

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a 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 

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?

@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 

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?

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

LenaH
Employee Tax Expert

What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?

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

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What happens if you choose not to file one of your w-2s? What are the penalties or repurcussions of this? What is a amended return?


@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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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