Exclude income

taver30 — Thu, 06 Feb 2020 20:49:31 GMT

I have a question. My husband and I always filed jointly. This is the first year I made an income of 15k. When I include my income we owe quite a bit. Can I exclude my income? Can I wait to file my income next year?

Please help😖

Re: Exclude income

xmasbaby0 — Thu, 06 Feb 2020 21:10:04 GMT

NO you cannot do that. ALL of your 2019 income goes on your 2019 income tax return. You cannot wait and put 2019 income on a 2020 tax return.

Every 2019 W-2 that you received must be reported on your 2019 tax return, even if they are for small amounts. Remember that each one of those W-2’s has your Social Security number on it, and that income was reported to the IRS by the employer. You do not want to get in trouble with the IRS for under-reporting your income.

ALL of your W-2’s must be entered on the SAME tax return. After you enter the first one, you click Add Another W-2.

WHY DID MY REFUND GO DOWN WHEN I ADDED ANOTHER W-2?

You started off with your first W-2 and your refund looked high? Then you added another W-2 and it stopped looking so good? That is normal. When you added more income, your tax liability increased, so you saw your refund decrease. The program began by giving you your standard deduction—- which lowered your taxable income. So you are not being taxed on as much of the income on that first W-2. Then you added taxable income--so the refund went down. Your refund (or tax due) is based on the total of your income, not “per W-2.” Wait until you have entered ALL of your income and credit/deduction information. You can't really tell anything until it is all entered. That “refund monitor” does not mean anything until everything has been entered.

https://ttlc.intuit.com/questions/2273878-why-did-my-refund-drop-when-i-entered-another-w-28

Re: Exclude income

taver30 — Fri, 07 Feb 2020 17:34:44 GMT

Will there be a penalty if I dont claim my income this time?

Re: Exclude income

xmasbaby0 — Fri, 07 Feb 2020 17:52:59 GMT

Yes there will be a penalty.

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