AnnetteB6
Employee Tax Expert

After you file

You do not have to file it this year (you have up to three years to amend your return), but it does have to be filed on your 2024 tax return.  You cannot wait and include it on next year's return.  Also, since you owe additional taxes, it should be filed before April 15, 2025 to avoid penalties and interest charges.

 

If the income is not reported on your 2024 return, then you will get a letter from the IRS at some point stating that you did not report all of your income.  The letter will show that your return has been adjusted to include the income along with penalties and interest and you will be asked to pay the balance due.  

 

@Btaylor2025_ 

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