Ammend my taxes?

RLk
RLk Member Posts: 1 Newcomer
in After you file

So I already filed my taxes for the year and got the return already. I forgot I worked another job during this year and received another w-2 from them. But there's only $60, which is correct. But they didn't take out federal and my state in the w-2 is .32. Is it even worth ammend?

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Answers

  • hrmbassociate
    hrmbassociate Member Posts: 19 Level 4

    For $60 of income, you’re talking about very little actual tax owed, probably just a few dollars at most depending on your bracket. Technically you’re supposed to amend, but for that small amount it likely won’t change much. If it were me, I’d run the numbers first and see how much difference it actually makes before going through the hassle of amending.

  • JohnV
    JohnV FreeTaxUSA Agent Posts: 25 image
    edited February 15

    Hello RLk - The IRS generally expects you to report all of your taxable income on your tax return. However, if you're not sure whether you should file an amended tax return in this situation, the IRS has a tool you can use to help you make that decision: https://www.irs.gov/help/ita/should-i-file-an-amended-return

    When the IRS processes your tax return, they will often make small adjustments if your reported income does not match what has been reported to them by your employers. If that happens, they will send you a letter asking you to pay any additional taxes owed (with the potential for interest and penalties being added if it's past the deadline). You can wait to get a tax bill for this $60 of wages not included on your tax return. Or you can amend your tax return after the original tax return has been processed, and pay the small amount of taxes you owe.

  • trixie
    trixie Member Posts: 1 Newcomer

    I received a second #5498 for my retirement income. Do I need to send in an amended tax form?

  • GeorgeM
    GeorgeM FreeTaxUSA Agent Posts: 64 image
    Hello trixie:

    Whether you need to amend your previously filed tax return depends on the information reported on the Form 5498 that you recently received and how that information compares to your original Form 5498. If you still have the original Form 5498, compare the amounts reported on each and let us know the differences.

    If you made a contribution to a Traditional IRA for tax year 2025, check to see what you reported on your tax return and compare that amount to the amount reported in Box 1 of Form 5498. If there is a difference, let us know the difference and we can let you know whether an amendment is necessary.

    Form 5498 is an informational document that does not get filed with your tax return; however it does contain information about your retirement account such as contributions you made, rollovers, and conversions.

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