Tweet
A W-2 came yesterday for a job I worked at for a day. Unfortunately I forgot about that job and filed my taxes already. Since the income was less than $100 would it matter?
John
John
-
-
That would depend on how you define "matter".
- If you asked for a refund, IRS could hold the refund because their numbers do not match. They are basically going to automatically calculate your 1040. Their calculations will not match yours, so something is going to happen.
- If IRS thinks you owe them money, IRS tends to not forget something like that, no matter how small the money is. Money due IRS tends to pop up sooner or later. Maybe a wage lien. Maybe holding back a refund. Maybe a lot of things. But it will be in their computers somewhere, and the next time their computers see an opportunity to take a whack at you, they will. I have had to (at a company level) deal with some dippy small amounts where IRS took funds they felt due out of our normal tax deposits, then turned around and claimed that we made the deposit late (because they deverted some of the money to something else). If there is a "too small" amount for IRS to not mess with you, I have failed to find it. IRS is a big believer in messing with pretty much everyone.
- On the other hand, if you are asking is IRS going to kick in your door and arrest you for the taxes on $100 in under reported income, the answer is "heck no"."Reality is that which, when you stop believing in it, doesn't go away".
Philip K. **** (1928-1982) -
The IRS will NOT hold your refund.Originally posted by jwolf6589 View Post
About a year from now you may get a CP2000 letter (and you may not) stating that the W2 was left off your income and assessing you any tax (with penalties and interest) due. Its not going to be much with less than 100.00 of income.
Or, in the alternative you can amend your return to include the 100.00. If you do it before April 15th, and it results in a balance due, if you pay the balance immediately there will be no interest or penalties.Comment
Comment