Home

Taxes

 
Post new topic   Reply to topic    Forum -> Household Management -> Finances

View latest: 24h 48h 72h


twogees




 
 
 


Post  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
Back to top

Amarante




 
 
 


Post  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.
Back to top

lovetobemommy




 
 
 


Post  Tue, Feb 12 2019, 3:22 pm
You have to amend the return and file a new one.
Back to top

amother




Blonde


Post  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?
Back to top

twogees




 
 
 


Post  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.
Back to top

Amarante




 
 
 


Post  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.
Back to top

amother




Amethyst


Post  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
Back to top

SixOfWands




 
 
 


Post  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.
Back to top

amother




Turquoise


Post  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.
Back to top

twogees




 
 
 


Post  Tue, Feb 12 2019, 7:50 pm
I waited untill 2/7 to file.
Back to top
Recent Topics

Page 1 of 1 View latest: 24h 48h 72h


Post new topic   Reply to topic    Forum -> Household Management -> Finances

Related Topics Replies Last Post
Lakewood (or Brooklyn) accountant to file taxes: Update 7 Sun, Feb 10 2019, 11:27 pm View last post
Not filing taxes?
by amother
40 Thu, Jan 24 2019, 12:22 pm View last post
Do my own taxes or hire accountant?
by amother
28 Mon, Jan 07 2019, 5:22 am View last post
How much will I pay in taxes?
by amother
27 Wed, Nov 07 2018, 12:05 am View last post
Taxes in Jackson on 350k house
by amother
4 Wed, May 23 2018, 9:56 pm View last post

Jump to: