because of holidays, business trips, etc., my boss and i weren't in the office at the same time between christmas and last monday. so she didn't approve my last two weeks of 2005 until then. so i didn't get paid for those weeks until now.

my question: does that income go toward 2005 or 2006? i have been told both. some people say it's toward 2005 because it was earned then. others have said it's 2006 because that's when it was paid. nobody has been positive, though. can i get a confirmation on either?

It should mention the pay period on your pay-stub.

I'm gonna guess that it will go on 2006. The one exception could be if that your employer makes their 941 Tax Deposit on these wages as "4th Qtr. 2005" which at this point in January they should be beyond. (1-15 would have probably been the due date for wages paid in december)

Who is compiling the W-2's for this job, an outside accountant or are they doing it like in Quickbooks?

Little more info.

it's an outside accountant. i don't know anything about this type of thing, so please bear with my ignorance. my dad's done taxes for me before this and he's known who to ask about any question. i suppose i needed to be an adult about it one of these years.

My guess then is that it will be on 2006 Z b/c y'alls accountant should have your W-2's to you by next Tuesday at the latest which means he was already given everything before 1-15.

Also, I just made my last corporate tax deposit from 2005. Woo Hoo!!!!!

i actually just got my W-2. and i won't get those two weeks' of pay until tomorrow. so i guess that's settled. thank you. (i really need to start learning about these things.)

No probs dude.

has anyone amended their taxes?

i filed my taxes yesterday through turbotax and realized today that i did so without receiving a w2 from the state of illinois.

if i amend my taxes by april 15th, i won't be penalized, right?

also, how long does it take for the irs to catch up with you if you don't claim a total distribution of 401k benefits? if i claim it now, i'll be losing around $500 from my tax refund. i was thinking of filing it next year.

irs fraud is fun... until it bites me in the arse.

i dont think you will be penalized if you amend but not 100% sure.

they will probably notice the 401k thing - they match your social security number up with that money you received and make sure you claim the same amount.

i took income tax law and wrote a 30 page paper on tax law but can barely answer these simple questions. i can answer esoteric questions about what is income, however.

What's worse is they may not notice it this year and then you will be responsible for the penalties as well as the tax. Just pay the damn taxes already.

Pretty sure you'll be fine on the ammending thing, just keep copies of everything.

As long as you amend by april 15th, you shouldn't be penalized. Basically, you need to have paid by jan 15th (either directly or through withholdings) the lesser of what you actually owe for 2005 or what you owed in 2004. As long as that occurred, you don't owe interest and/or penalties as long as you've paid any additional that you owe for 2005 by April 15th.

I wouldn't mess with your 401K amounts. They'll catch you and you'll owe interest and penalties as a result.