So I really need the federal tax refund. If I file my self-employment taxes and retirement taxes, I will only get a small refund. If I did not file my self-employment taxes and filed them later on after filing my wage taxes, will I be able to do so on turbotax? Will the IRS penalize me for doing it this way?
John
I would advise you think about what you are asking. Restating your question, you are asking if you can (1) intentionally under report income on your tax return, (2) sign that return under penalty of perjury that the return is correct and complete, (3) file that return in order to receive a tax refund to which you are not legally entitled.
Amy
There aren't separate "wage taxes" and "self-employment taxes" and "retirement taxes." There is income tax. On your entire income.
(actually, some of your phrases would be appropriate for social security tax, but that's not one you file)
If you file an income tax return showing only part of your income in order to get a larger refund, you will be unable to file a second income tax return. You will have to amend the original. Which you cannot do electronically.
When the result shows that you got too much refund, you will have to pay back the excess before April 15. If you miss that deadline, you will owe penalties and interest.
Christin K
No you can't. Period. You have to file EVERYTHING on one return--you can't split it up and file part of it one way and part another way just to get a refund. That's not how this works. Once you file your return, you will be subject to the IRS review of your status and wages--no matter what--and anything you didn't report correctly will mean you don't get ANYTHING until you file it correctly.
Judy
1. it's illegal. 2. you'll have to pay the extra back.
Eva
There is a deferral of Social Security taxes available for the self-employed. Read the instructions for Form SE, Part III. There also may be another credit you may be eligible for. You must file all your income on one form. Amending later to include other income will result in penalties and interest that will cost you far more money.