What happens if i receive a W2 after I have already filed my taxes?
If you filed your taxes and then recieved another W-2 for the year you can Amend it and have it added onto your taxes this year. If you are not sure how to do this then I would recommend going to a tax professional and have this done. It will cost you the fee that they charge for doing electronic taxs and depending on whether or not you have to pay in there could be some other fee incurred. It is best to do them all at the sametime so that you do not have to pay the extra fees, but things sometimes happen were you are unable to. These are still Due into the IRS by April 16th, so you want to get them done atleast a week prior to this date so that you do not incurr late fees through the IRS.
Once you have electronically transmitted your tax return, you cannot pull it back or start a new 1040. You will need to file a 1040X, amended tax return, to show the additional income and tax withholdings per the W2. But, do not file the 1040X for at least two-three weeks after the original filing as you do not want the IRS to have 2 live returns in its system at the same time. Wait at least until you receive the refund (assuming you are getting a refund) for the first filing before filing the 1040X so you are sure the original return has passed through the IRS system.
You MUST file an amended return using Form 1040-X. Don’t spend your refund when it comes! You will usually need some of it to pay the debt that will result when you add the missing W-2! In nearly ALL cases when you leave out a W-2 there is a DEBT due with the amended return. You can prepare it with TurboTax (at least with the boxed software, don’t know about the on-line version) but you must print it out and mail it in.
