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What are the penalties for filing an amendment for additional w2s?

Okay my husband is giving me a guilt trip about this. I have his w2 and 1 of mine. so far our rebate is over 6 grand and i have 2 more w2's coming. he wants me to file now so we can get it in in time to get the rebate sooner then just file an ammendment when i get the other w2's. What kind of penalties are involved in doing something like this? Is it worth it? I know money is ultra tight right now and the sooner we get it the better, I just know I'd feel better if we waited.

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Asked by Anonymous at 5:10 PM on Jan. 23, 2009 in Money & Work

Answers (2)
  • There are none. There are no penalties at all as long as you are due a refund. You could not file them at all. As long as you wouldn't OWE money. I amended my taxes a year later several years ago. I received a W2 after I had filed and just waited until the following year while we were doing taxes to amend them. What dosen't make sense though is you will have to pay someone to do this. Why spend that money when you could just wait a couple more weeks? Now if those W2's someone made you get a smaller refund (put you in a higher tax bracket or something) they could charge interest on your overpayment. But as long as you do it by April, they won't.

    Answer by Anonymous at 7:06 AM on Jan. 24, 2009

  • i have had to amend my taxes two different years. There is no penalty for amending them as long as you do it by April 15th.....but you either have to pay someone to do it or do it yourself (which is what I did). You can NOT do the amendment online, it has to be done on paper and mailed to the IRS. The amendment forms are kindof complicated and confusing, but there is pages you can print off of the IRS website that explain how to fill it in.
    I would wait until you have everything to file, personally. Especially because I know from first hand experience that a second income generates more tax, so you will most likely owe them back for the refund you get.

    Answer by slw123 at 8:11 AM on Jan. 24, 2009

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