I have already filed my return and the Department of education took my return to pay my debts. I recently?
You MUST file an amended return since you omitted income from your return. If you have a refund coming from the amended return it will likely be captured and applied against your debt. If you owe, you must file and pay by April 15th to avoid any penalties or interest for late payment. You can NOT just add this to your tax return next year. You MUST file an amended return now.
I don’t know if you can wait until next year to file the additional W-2. I would ask a tax professional about that. I had the experience of a W-2 being omitted from filing for the same reason: I received it late. The following is my opinion based upon what happened to me. I think you should amend your return to report the W-2 that you recently received. If you don’t report this W-2 you will run the risk of getting audited. The IRS has been notified that you received this W-2. By the time the IRS finds the mistake and contacts you, there will be penalties added that you will be required to pay. You will have a load of paperwork and stress if you do not amend, in addition to the possibility of being audited (which is a nightmare). I don’t know how this will affect the amount of your return.
If you are due an additional refund due to the new information it is likely they will seize that as well. If you owe due to the new information you will need to pay it now. If you do not send in a amended return the IRS will correct your return and bill you for what you owe plus interest and penalties or send the refund to DoE. It really is neater and cleaner to take care of it now which ever way it comes out. If it is taxes owed and you send in before April 15 you will not have any interest or penalties for the amended return.
