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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13531
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I received a letter from the IRS that I owe $636 for my 2011

Resolved Question:

I received a letter from the IRS that I owe $636 for my 2011 tax return. Here lies the problem. I worked a part time job. I moved and never received my W2 and totally forgot about it. I did not include the info of this part time job. I received a refund for 2011 tax return of a little over $500. How can I owe? If I do owe, How can I owe more than the refund I received. I am very confused. I claimed $33,859 (without the part time). I should have claimed $38,339. A $4,480 difference. Would I not still receive a refund?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA :

Thank you for your question.

MyVirtualCPA :

How are you today?

Customer:

Great! You?

MyVirtualCPA :

Good. I'm sorry to hear about your tax issue.

MyVirtualCPA :

Unfortunately, the amount of tax due sounds reasonable - if you are in the 15% tax bracket then your tax on $4,480 would be $672

MyVirtualCPA :

You would owe the amount as effectively you owe the increase in your tax as you received a refund.

MyVirtualCPA :

You should have had to pay in a small amount instead of getting a refund.

Customer:

I have never paid after filing.

Customer:

I have made less and received a refund and have made more and received a refund.

MyVirtualCPA :

It all depends on how much tax you have withheld throughout the year

Customer:

I guess I am confused. I received a refund for the W2 I submitted. Why then, would I not with the added W2?

MyVirtualCPA :

When you received your refund, you effectively have a balance of 0 with the IRS. So, if you did not claim income and then had to claim income you would owe tax on the entire balance

MyVirtualCPA :

Whether or not you had a balance due would depend on how much you had withheld for that particular W-2 left off.

Customer:

Ok, I guess I still don't get it but it is what it is. Is it possible to file a 2011 addition?

MyVirtualCPA :

They have already done that for you

MyVirtualCPA :

You could certainly file a 1040X and calculate the tax due for yourself

MyVirtualCPA :

it's up to you - but if they have assessed tax on it you don't "have" to file an amended return.

Customer:

ok, thanks

MyVirtualCPA :

You're welcome. Please take a moment to rate my response as excellent so that I may receive credit for helping you today.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13531
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and other Tax Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Thank you for the positive rating. Please come back and see me next time you have a question. It was a pleasure working with you today. Have a great afternoon.
Expert:  Megan C replied 1 year ago.
Thank you for the positive rating. I really enjoyed working with you – please feel free to request me again when you come back to ask another question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer. For the quickest service, please post a new question.

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