When i entered the W2 on taxact for the store it said i was getting 350 back. When i entered the W2 for the bank it wiped it out and said i was getting $76 and owed the state $101. So i re did it and did the bank W2 first. It said i was getting $500 back from fed and $86 from state. Then i entered the store W2 and it did the same thing before, wiped it out and said i was getting $76 and owed the state $101.
So i decided to do them seperately. I filed the bank W2 and after i finished that return i started doing it for the store. But taxact said i couldnt because i had already filed (because of doing the bank return).
So if i just forget about the store W2 and just stick with the one that i have already e-filed, will anything bad happen? Will i get in trouble?
Your refund, if you get one, is based on your total income and total taxes paid. You can't just pick and choose what income to report. The reality is you owe taxes here, and that non-reported income will indeed come to bite you in the *** if you're audited. Lying about income is a serious criminal matter. Just file an amendment saying you forget the second W2, and pay up what you legitimately owe. You only get a refund if you have paid more in than necessary - it's not free money.
You will need to file an amended tax return to add that second W-2. There is a different form you will need to file to add that.
You want to file using both W-2s. Taxes that you intentionally do not file will come back to haunt you when you try to get credit to buy a house or any other big ticket item. I know. It was not fun because I made a mistake doing my state taxes once and a 40 dollar mistake ended up costing me 1000 bucks.
When you do taxes for both state and federal do it with both W-2s. It easier and less of a headache way down the road.
In several months, when the IRS matches up the W-2 info they get with returns filed, they'll send you a bill for the difference, plus interest and penalties. You can fix it, and avoid the extra charges, by filing an amendment by 4/15 including ALL of your income, and including a check for the extra tax.
The IRS will reconcile your tax return later in the year. They will match up your W-2's for both jobs and the system will figure out that you under-declared your income. If you get lucky, they will bill you for the unpaid amount. If you get unlucky, they will bill you for the unpaid amount plus a fine and interest. If you get real unlucky, they will audit you, bill you for the unpaid amount plus fine plus interest, except it will drag out and the interest will increase.
You should file an amended form to fix your mistake.
You commited tax fraud by purposefully lowering your reported income, the IRS will redo your taxes, you will get the $76 refund and you might be fined if the IRS determines you did it on purpose
You need to amend your return or they will send you a bill instead of a refund if they catch it first. You can just wait for them to send you the bill with the penalty.
