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What Happens if I Forgot to List a W-2 on My Tax Return?

If you forgot to include the wages from one of your W-2 forms on your tax return, there’s no reason to panic, but you can’t just ignore it either. The only way the IRS allows you to correct the situation is by amending the original tax return on Form 1040X to include all of the wages from the missing W-2 form. It is in your best interest to file the 1040X immediately if you’ll owe more tax on the W-2 income or if you received a bigger tax refund than you were entitled to.

1040X Statute of Limitations

You generally have three years from the day you file the original tax return to amend it on a 1040X form when doing so would increase your refund, or in other words, reduce your income tax bill for that year. When you forget to include income from a W-2, chances are that you owe the IRS. However, the IRS also has three years to discover the missing income, meaning that once three years pass, the agency cannot send you a notice requesting an additional income tax payment, nor can it require you to file an amended tax return. Keep in mind that it’s risky to wait and see if the IRS catches your mistake since interest and late-payment penalties can apply retroactively, and may be substantial if the missing W-2 isn’t discovered by the IRS until right before the end of the three-year period. Moreover, your employer must provide the IRS with copies of all W-2 forms.

W-2 Reports Substantial Income

The three-year statute of limitations may increase to six years when the W-2 income you forgot to report on your tax return is more than 25% of all income that should’ve been reported. For example, suppose you report $74,000 of income on your 1040, but the income you omit from one of your W-2 forms reports $26,000. Here, the correct amount of income to should report is really $100,000. Since the $26,000 represents 26%, it constitutes a substantial omission of income, which extends the statute of limitations to six years. Had the W-2 reported $25,000 instead, the normal statute of limitations would apply.

IRS Tax Penalties

When you underpay your taxes because of the W-2 you forgot to report, the IRS has the authority to charge monthly interest and penalties on the unreported income until you pay all of the tax on it. The penalty is charged on a monthly basis and is calculated as one-half percent of the tax that remains unpaid. Moreover, the accrual of penalties can continue for a little more than four years, for a total maximum penalty of 25% of the tax you originally owed on the W-2 income. However, you’re also charged monthly interest on the tax you owe, as well as the unpaid penalty balance. And unlike penalties, interest can accrue indefinitely.

Reference: Instructions for IRS Form 1040X