 What happens if I already filed my taxes and recieved another w2 in the mail a week later? |
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 How do I claim tax back from a previous tax year. (uk)? |
Additional Details
I temp and I didn't work the whole of last year. My agency did not give me my p45 when my last assignment finished.... |
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 In the UK you can earn up to £104 a week before getting taxed is this wrong? |
if you want to work more surly you should get taxed less
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 INCOME tax return question.....?? |
I own a house and went to school last year....I DID get income tax papers for BOTH...is that right? Can I claim them both? I am kinda confused on this one.Thanks for any help :)
Additional D... |
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 Anyone have their direct deposit declined and paper check mailed instead? |
| Our return was accepted and was in processing until a week before the 26th, when I had expected it to be direct deposited. I checked online and for some reason, my refund was shown to be mailed on ... |
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 Why does this girl not get any state or federal tax taken out of her paycheck? |
| So, a little background here. I work as a waitress at Johnny Rockets, our paychecks are usually around 20-40 dollars depending on how many hours you work/your sales. So the other day we're all ... |
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Rez Rostov | What happens if you don't claim a cashed-out 401-K on your tax return? |
Last year I cashed one out- it was only about 500 bucks but I don't think I claimed it on my tax return last year. The accountant didn't ask about it, either. Today I'm talking with a co-worker and he tells me he neglected to claim a 401-K he cashed out a couple of years ago and when the IRS found out about it they hit him with the amount he owed plus a penalty. He owes 5,000 but with the interest when all is done he will have paid them 9,000. Should I worry about this and if so what can I do about it? |
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ninasgramma
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Amend your return and add the distribution from your 401k. You will owe income tax plus a 10% penalty if your distribution is not "qualified" which usually means you are over age 59.5. The IRS will bill you for interest and penalties.
If you wait until the IRS notifies you of the unreported income, you will owe additional fines and penalties. |
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v b
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AMEND your return.
You left $500 of income and $50 of penalty off of your return. Your probably forgot to claim $100 of withholding...but there is no guarantee that the $100 was enough to cover both the penalty and the extra income tax. |
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Doctor Deth
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interest, penalty, possible garnish your wages - file an amended return and pay the tax owed. they will send you a bill for the interest and penalty owed |
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themurph2000
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The advice from above is all correct. However, some good news: did you get the ENTIRE 401K amount or did they deduct 20% of it off the top? If you cash out a 401K before age 59.5, the fund manager will typically give 20% to the IRS off the top to cover the tax penalty for early withdrawal, plus the tax for that now being income.
You're probably not gonna get hit nearly as bad as your friend did, but don't let this sit around, either. The IRS may not think you have enough there to make it worth their while to go after you, but only they know that. |
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Gail P
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You would received a 1099, they probably took 20% off the top before you got your money, so you dont owe much , they will eventually catch the error and bill you dont worry. I would get a amendment form and send it. Dont lose any sleep. |
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Pam H
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Worrying will do you no good. You need to take action. Talk to your accountant and tell them what has happened. They can tell you whether you should file an amended return or how best to handle this situation. The 401K people will notify the IRS of the pay out, the IRS will wait a few years for the interest to build up and then contact you for payment. You would be better off dealing with this now. |
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babywilsonfamily
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If you cashed out the 401K in 2007 it should be reported until you file your taxes this year. If you cashed it out in 2006 you would need to amend your return immediately. You should expect a check from the IRS in the next year or so and you will get hit with penalties as well as what you cashed out. GOod LUck on your situation!! |
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errantskitten
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I would contact your tax guy, and talk to him and try to file an ammended return (if that is what your tax guy recomends). I had a similar situation in 2005, I took a hardship withdrawal from my 401K to put a downpaymen on a house. I pulled out around 12000 and even though I told my tax preparer about it, I didnt have the 1099 or whatever its called and they didnt include it.
The 401K company sends the info into the IRS so they found out and I got a letter stating that since I had not included it I owed around 3500. I am working with them to pay it, and they will let you make payment arrangements and stuff, but you will probably also owe some to the state you live in. Now its only 500.00 so its not like you are going to owe them that much, and with such a small amount it may not even be worth messing with, maybe since its so small the IRS wont even bother with it. |
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verdugster
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I cased out my 401K in 2009 when I was laid off as unemployment was not enough to live on. I received 27,000. When I received my 1099-R it stated that I received $48,458.52 I am guessing they added my 401k loans to this. Do I have to claim the full 48,458.52? or can I claim the amount that I actually received? |
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