Paying your taxes is the patriotic thing to do, but for most Americans, the process is quite a headache. From making time between multiple jobs to figure your deductions to paying an accountant to do your taxes, there is nothing enjoyable about filing tax returns- but it has to be done. If you're an employee who earns more than $600 annually, you will receive a W2
earnings report from your employer. Show The IRS Knows When You Don't File Your W-2Perhaps you got a job last year, so this year's tax season is your first time dealing with Uncle Sam. You could be forgiven for thinking the IRS won't know you haven't
filed your W2 since it has a copy anyway! Sorry to break the news to you: The IRS will know. When You Owe Federal TaxesYour employer withholds taxes from your pay and remits to the IRS. So then, how does it occur that some employees owe federal taxes? Good question! Remember you filled out
a W4 form when starting your job? Perhaps you inadvertently claimed more allowances, leading to your employer under-withholding your taxes (remitting fewer taxes that you should actually be paying). When The IRS Owes You MoneyWhen your employer over-withholds your taxes, you're due for a refund. Yay! But what happens if you don't file a W2 and you have a refund due? One of two things could happen. The IRS can either pay your refund or write you a missive, saying it's holding your refund till your file your missing W2 form. What If I Don't File My Taxes? Is Jailtime On The Cards?Going
to prison is certainly the greatest fear among many taxpayers who, for whatever reason, don't file returns with the IRS. Let's get this out of the way. Nobody is going to throw you behind bars when you fail to file a form W2. It's often an honest mistake when a person doesn't file the W2. Some never receive the form from the employer or receive it too late, many others simply forget. What Happens If You Don't File a W-2? You Stand to LoseSure, filing tax returns is an unnecessary distraction given our busy lives, but we have no choice. Like death, paying taxes is certain. We have shed light on what happens if you don't file a W2, and evidently, you're the one who stands to lose the most. Tax Year? 2022 EIN Select your state
If you haven’t filed your federal income tax return for this year or for previous years, you should file your return as soon as possible regardless of your reason for not filing the required return. If you need help, check our website. We have tools and resources available, such as the
Interactive Tax Assistant (ITA) and FAQs. If you're not sure whether you're required to
file a return, visit Do I Need to File a Tax Return or refer to
Publication 17, Your Federal Income Tax (For Individuals). If you're required to file and owe a balance, but you can't pay all the tax due on your return, the IRS may be able to help you establish a payment agreement. For additional information on
tax payment options, refer to Topic No. 202. If your return wasn't filed by the due date (including extensions of time to file): Page Last Reviewed or Updated: 18-Oct-2022 |