Not Filing w-2 form

[rjl0206]

To all,

a co-worker of mine (new grad) filed income tax last year and had a short part time job which lasted about 3-4 months. In the end of the year (07) she file only to receive the w-2 form late and completely forgot about that job in which she did not add during her Income tax filing. She is now worried that it will catch up to her with this years income tax filing, should she submit the 07 w2 form she received late for this year from that temp job (07)?
what happens if you dont or didnt file an income when it comes time to file income tax returns?
thanks all.

Ray

[Trixie007]

No, she should file an amended return for the year in which she earned the money.

[magyar123]

Obviously the amount was so small that the IRS didn't raise any issue for her not including that amout, so tell her not to worry about this year.

[Trixie007]

Obviously the amount was so small that the IRS didn't raise any issue for her not including that amout, so tell her not to worry about this year.

Sorry, I just have to say that depending on the amount, that could be a bad idea. It really depends on how much she earned and whether taxes were withheld that would cover what she owes. When she filed, she either got a refund or paid the balance due - leaving 0 owed. But let's say she's in the 15% tax bracket on last dollars earned, and this part time job paid her $2,000 - that leaves her with an additional $300 tax liability. Now if this amount was withheld by the employer, then by all means ignore it, but if she owes money the IRS can come back at her years later for that money, plus penalties and interest. Maybe it would slide under the radar, but I wouldn't risk it.