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Started By
Message
Tax Question
Posted on 1/18/11 at 10:38 pm
Posted on 1/18/11 at 10:38 pm
Ok so I do my taxes online via Turbo Tax and I noticed a mistake I made.
When I grabbed my tax information from last year to answer some questions for this year I accidentally did my 09 tax information instead of my 2010.
Now I am curious if when you file, your place of employment is alerted to anything filed? The difference in the two is about 150 bucks so it isn't a huge ordeal but instead of breaking even or having to pay I am getting money back according to Turbo Tax as last year I did not work as much and my income was lower.
Not sure why I didn't catch this before submit, other than I was watching TV while I was doing my taxes and not paying attention. So yes I am a dumb-arse right now.
When I grabbed my tax information from last year to answer some questions for this year I accidentally did my 09 tax information instead of my 2010.
Now I am curious if when you file, your place of employment is alerted to anything filed? The difference in the two is about 150 bucks so it isn't a huge ordeal but instead of breaking even or having to pay I am getting money back according to Turbo Tax as last year I did not work as much and my income was lower.
Not sure why I didn't catch this before submit, other than I was watching TV while I was doing my taxes and not paying attention. So yes I am a dumb-arse right now.
3
Posted on 1/18/11 at 10:45 pm to tduecen
The amount of income you reported is $150 less or you are getting back $150 instead of paying.
ETA: If you made under 25k I wouldn't worry about it. People in that income bracket have about .00000001% chance of getting audited.
ETA: If you made under 25k I wouldn't worry about it. People in that income bracket have about .00000001% chance of getting audited.
This post was edited on 1/18/11 at 10:46 pm
Posted on 1/18/11 at 10:49 pm to I Love Bama
I would be getting 150 back...
I am mainly concerned if since I hit the file button it will be reported to my employer who will then report the error.
I am not worried about the 150 bucks, just an audit, which has a higher probability if my employer reports the wrong year being filed.
Difference in 09 to 10 is about 12k in income however as I said I worked more hours and was awarded a raise thanks to a degree I obtained during past year.
I am mainly concerned if since I hit the file button it will be reported to my employer who will then report the error.
I am not worried about the 150 bucks, just an audit, which has a higher probability if my employer reports the wrong year being filed.
Difference in 09 to 10 is about 12k in income however as I said I worked more hours and was awarded a raise thanks to a degree I obtained during past year.
This post was edited on 1/18/11 at 10:53 pm
Posted on 1/18/11 at 11:23 pm to tduecen
Why would Turbotax send your return to your employer?? Your employer is the one who send the govt/ssa/state/you etc...So what you see on your w2 is what they turned in for you...
Posted on 1/18/11 at 11:28 pm to Bubb
quote:Well I have no clue how it works, I use to go to Jackson Hewitt until 3 years ago when I started with Turbo Tax. I have no clue how it all works, but figured I would ask and be safe rather than assume and get in trouble.
Why would Turbotax send your return to your employer??
Posted on 1/19/11 at 7:20 am to tduecen
If you have already sent it, you can file an amended return very easily using turbo tax.
Posted on 1/19/11 at 8:49 am to tduecen
The IRS will notice that the amount of income you reported as wages from your employer is less than the amount reported on your W-2 from your employer. They willl adjust your return for the additional income, and they will also adjust your return for the amount of withholding you probably under-reported as well. Then they will send you a notice informing you of the changes and the impact on your refund or if you have a balance due.
I wouldn't bother incurring the cost of filing an amended return.
The IRS can't disclose your tax return to anyone other than you, or your designated representative (attorney or CPA most commonly). Your employer will not be informed of your tax circumstances unless you get to owing the IRS money and don't pay. In such case they may garnish your wages, and your employer will then know how much you owe for the period(s) covered by the garnishment.
I wouldn't bother incurring the cost of filing an amended return.
The IRS can't disclose your tax return to anyone other than you, or your designated representative (attorney or CPA most commonly). Your employer will not be informed of your tax circumstances unless you get to owing the IRS money and don't pay. In such case they may garnish your wages, and your employer will then know how much you owe for the period(s) covered by the garnishment.
Posted on 1/19/11 at 10:05 am to Poodlebrain
quote:
I wouldn't bother incurring the cost of filing an amended return.
It shouldn't cost anything to file an amended. It would take less than an hour.
Posted on 1/19/11 at 10:30 am to Poodlebrain
quote:Ah I see... Well then that explains how people can't use old tax returns to file and get more money
The IRS will notice that the amount of income you reported as wages from your employer is less than the amount reported on your W-2 from your employer
Posted on 1/22/11 at 5:27 pm to tduecen
Every govt form you receive is reported to the IRS. if your return doesn't match exactly what the IRS has on record you're getting a notice. Its automatic on things like that.
Posted on 1/22/11 at 8:19 pm to geaux1tigers1
quote:
Every govt form you receive is reported to the IRS. if your return doesn't match exactly what the IRS has on record you're getting a notice. Its automatic on things like that.
Almost. The matching program looks to see that you reported all items of income. The problem is that there are things that may be reported on a Sch K-1 from a partnership or S-corp. that can be reported in more than one place depending on facts and circumstances. So they are really looking to make sure you report all income from W-2's and 1099's. The biggest hassle is when you have a lot of stock sales in a year. The IRS expects to see tham all reported, such that you show all the proceeds from the sales. It is up to you to track and report the basis in the assets you sold.
Posted on 1/23/11 at 2:36 am to Poodlebrain
Not sure exactly when, but soon the IRS is requiring that brokers report the cost basis to them.
Posted on 1/23/11 at 5:50 am to geaux1tigers1
Awesome stick it to the man
Posted on 1/23/11 at 9:33 am to geaux1tigers1
(no message)
This post was edited on 1/29/11 at 12:18 pm
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