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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
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

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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?

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 and 2 other Tax Specialists are ready to help you
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.
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