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I forgot to add a W-2 to my tax returns?

Asked by: samserio 2664 views YA Discussion

I filed for my income tax return on H&R block in PA and afterword i received one more w-2 for my wife that we completely forgot about from early 2011. Well we received our refund and now i know i have to amend it or something. But my question is what is the entire process I have to go through to get that done? Thanks for your time

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2 Answers

  1. tro on Mar 10, 2012 Reply

    you file a 1040X and if you owe money, you pay it with the amendment
    if you possibly are due more refund, it will be sent to you eventually, there is no direct deposit on a 1040X

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  2. Mtrole on Mar 10, 2012 Reply

    First call your tax professional and see if they can look at it to see how it will affect your refund. They should be able to see if you would get less back with the W-2 in which case that would cause you to owe money to the IRS.

    If it is just a slight change chances are the IRS will simply send you a bill for tax on income you did not report and add interest on to it.

    If it is a large change its probably best to Amend your tax return and send them a check of the differece you owe.

    If the change is in your favor (larger refund) you have to weigh the costs of paying to amend your return to the amount you would receive, and if the change does create a larger refund for you you are NOT required to file for it but if you do not you will lose the ability to claim the refund in 3 years.

    An amendment is a paper filed return taking the IRS 4-8 weeks to process, you file a 1040X as the cover page and one return with “As Filed” written on top and another return with “As Amended” written on top the 1040X has an are on it to explain what has changed and whether you owe more tax or are getting more of a refund.

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