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Tax Law (Questions About Taxes)/Forgot to include a W-2 on taxes last year


Hi Randall,

First, just a few facts about me, in case it might affect your ability to answer my question: I am a single 24 year old male with no children, debts, or anything else to affect my taxes or income. On average, I earn approximately $10,000 per year and receive a yearly tax refund of about $500.

Last year I filed my personal taxes for 2011, and forgot to include a W-2 from a job I had for only a short period of time during the year.
I realized my mistake and promptly re-filed my taxes to include this missing W-2, expecting that it'd be no big deal - maybe I'd get a few extra dollars back. To my surprise, I somehow found that I owed $71 as a result of this small mistake. Finding this to be ridiculous, I did not pay. I have not received any notifications about this.

My question is, what will the consequences of this be? Will that $71 simply be subtracted from my tax return this year? Will I owe more money as a result of not having paid last year? And if so, can you give me any idea how much?

Thanks in advance. I realize that taxes are a complicated issue, so if I have no provided enough information for you to answer, feel free to let me know.

Sorry to hear of your difficulties.

Yes, you will owe the $71 underpayment plus interest and penalties.
Interest runs about 4% per year.
Penalty is 6% per year.
Since this goes back to 4/15/2012, you are looking at about $8 in interest and penalty now.

The IRS MAY or MAY NOT take this out of your next refund. If they don't do it this year, certainly next, and the penalties continue to accrue.

Might as well pay it now.

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Randall Klein, MBA, EA


I am an expert in personal and small business taxation, including Forms 1040, 1120, 1120S, 1065. I can answer any type of tax question except those that are requesting help in illegal tax evasion. Tax avoidance is legal, however. I do not do offshore trusts, or opt-out of the tax system type of queries.


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