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Forum
-> Household Management
-> Finances
twogees
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Tue, Feb 12 2019, 3:15 pm
I did work for a company in dec of 17 and thought I got paid in dec for that work. Ends up being that I got paid in January 2018 and just recived the w2 for that work today after I filed my taxes last week thinking we had all our w2s.
Anyone know what I should do? (we have very simple taxes so I didnt use a cpa...)
Edited: W2 is for under $50
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Amarante
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Tue, Feb 12 2019, 3:19 pm
You can send in a modified tax return but the amount of taxes owed on $50 would be almost nothing I suspect.
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lovetobemommy
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Tue, Feb 12 2019, 3:22 pm
You have to amend the return and file a new one.
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amother
Blonde
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Tue, Feb 12 2019, 3:34 pm
Obviously the correct answer would be to amend and pay. Don't know who would actually go though the hassle for taxes in $50. I've heard the IRS sends adjusted returns of the information received doesn't match the filed return. Perhaps you can wait for the notice. Did you include the income in 2017 since you thought you were paid in December?
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twogees
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Tue, Feb 12 2019, 3:36 pm
amother wrote: | Obviously the correct answer would be to amend and pay. Don't know who would actually go though the hassle for taxes in $50. I've heard the IRS sends adjusted returns of the information received doesn't match the filed return. Perhaps you can wait for the notice. Did you include the income in 2017 since you thought you were paid in December? |
I did get a w2 from them last yr.
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Amarante
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Tue, Feb 12 2019, 3:39 pm
I would err on the side of sending a modified tax return. Since it was a short form return, filing it would be easy and not take long.
I once missed an insignificant amount for a 1099 and several years later I received a bill from the IRS plus penalty and interest. I think the unpaid amount in taxes was about $20.
The IRS, so far as. I know, just has a computer program matching income and amounts stated on returns. I don't think they have any kind of threshold in terms of generating a letter to a taxpayer if the amounts don't line up.
However, you could always contact the IRS and ask or there are community sources where people volunteer to answer questions about taxes for free..
You have plenty of time to file the amended return.
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amother
Amethyst
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Tue, Feb 12 2019, 5:52 pm
Is it a W2 or 1099? I believe income from a 1099 only has to be reported if it is over $600
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SixOfWands
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Tue, Feb 12 2019, 5:59 pm
amother wrote: | Is it a W2 or 1099? I believe income from a 1099 only has to be reported if it is over $600 |
That's incorrect. A 1099 only needs to be issued over $600. But the recipient still must pay taxes.
OP, I'd amend, just to avoid any potential issues. I doubt its going to affect your tax liability.
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amother
Turquoise
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Tue, Feb 12 2019, 6:37 pm
I'm a CPA.
Dont amend. The IRS will send you a letter in about a year or so if you owe more taxes. From my experience amending the tax return doesnt prevent that letter so there's no point amending. Anyway the tax would be minimal and they'll only charge interest not penalty.
next time dont file so early, 1099s/w2s could be filed till 1/31 so wait till after that to see if anything's coming.
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twogees
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Tue, Feb 12 2019, 7:50 pm
I waited untill 2/7 to file.
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