Hi! This is such a good question! It makes sense from a taxpayer’s way of thinking that income is income and it should be reported and why not just put income from another year on this year’s taxes since if that income had been forgotten in a prior year. Unfortunately, from the IRS’s way of thinking, this solution wouldn’t work – income must be reported in the year it was earned in the tax return specifically for that year.
So if you want to fix this, you would need to file an amended tax return for the year 2012. You can get the form on the IRS website – it is called Form 1040X. If you don’t have a copy of your old 2012 tax return, you can request it from the IRS to use in doing the amended form. Keep in mind that you will need to print and mail the amended return – at this time, the IRS doesn’t accept e-filing of amended returns.
If you hadn’t filed a tax return in 2012, it may have been because you didn’t earn enough for you to have needed to file one. In that case, don’t worry about it. If you do actually need to file a return, you can pull the 1040 form off the IRS dot gov website for 2012 and submit your return late. You will probably owe a penalty for filing late; the late filing penalty for filing more than 60 days after the due date has a minimum penalty of $135 or 100% of your unpaid tax, whichever is smaller. So the most you’d have to pay in penalty is $135.
I hope this helps! Thanks for writing!
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.