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I accessed my 2013 IRS wage and income transcript to make sure I didn't forget about some 1099, and the transcript only shows one 1099 from a bank.  It's missing my W2, all other 1099s, everything else.  My wife's is correct, though.

Gears started turning...can I just submit a return with just the info on their transcript?  It would still have my wife's W2 and a few 1099s, but would save us $10K in tax (and AMT).  I could perhaps get a tax preparer and ask them to just pull my wage/income data from the IRS, claiming to have lost receipts/forms (reasonable as I moved across country this year).

The only thing is CA tax - they at least would have a record of my state withholding.  I guess I could add my wages to the CA return only.  Do they crosscheck with IRS?

What would you do in my place?

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@fedguy
Thanks for your reply. So it seems there is a way (by submitting a form) to get transcripts but transcripts are n... (more)

BrunoB (Apr. 08, 2014 @ 7:55p) |

My transcripts are usually very incomplete until mid year. My brokerage has sometimes sent me corrections into April, a... (more)

NEDeals (Apr. 08, 2014 @ 8:11p) |

You mean they NEVER appear or they do appear eventually only after several months?

BrunoB (Apr. 08, 2014 @ 8:15p) |

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LOL. You can do whatever you want but what you are thinking is a terrible idea. It takes a while for the IRS's system to reflect all of your reportable income but they do generally catch up and will assess tax and penalties on your under-reporting when they catch up. When they do, you will be in a world of hurt. You know it is a bad idea. Stop wasting our time.

In past years IRS has had all my info up to date, but you may be right about them being slow somehow this year (hard to see how given it should all be electronic).  I would certainly wait until Oct 15 before trying this though

First, I would like to thank you for starting this thread because I was unaware of this IRS site. I did register and checked my 2013 Wage & Income Transcript. It indeed shows information only as of December 2013, which includes only 1 bank out of many and their own (IRS) interest payment to my account. All other banks and brokerage account information are missing. So definitely more than 95% of the information has not been reflected as of this posting!

Does CA has a similar site (as IRS) to check the Transcripts?

adzu227 said:   What would you do in my place?Would it be prison time if this idea doesn't work out? If so, I'd start befriending some prominent members of prison gangs to hedge my bets.

adzu227 said:   I accessed my 2013 IRS wage and income transcript to make sure I didn't forget about some 1099, and the transcript only shows one 1099 from a bank.  It's missing my W2, all other 1099s, everything else.  My wife's is correct, though.

Gears started turning...can I just submit a return with just the info on their transcript?  It would still have my wife's W2 and a few 1099s, but would save us $10K in tax (and AMT).  I could perhaps get a tax preparer and ask them to just pull my wage/income data from the IRS, claiming to have lost receipts/forms (reasonable as I moved across country this year).

The only thing is CA tax - they at least would have a record of my state withholding.  I guess I could add my wages to the CA return only.  Do they crosscheck with IRS?

What would you do in my place?

  I certainly wouldn't post on Fatwallet calling myself out, if I was going to perform tax fraud

"Dear FatWallet:  I'm thinking of committing tax fraud and thought asking a bunch of high performing people with a few trolls mixed in would be an excellent idea.  Hot or not?"

IRS said: Wage & Income

Wage and Income Transcripts show data from information returns, such as W-2s, 1099s and 1098s, reported to the IRS. Most recent year information may not be complete until July.


 

Even tho this post is stupid, I just learned about that site to get transcripts. Thank you!

adzu227 said:   

The only thing is CA tax - they at least would have a record of my state withholding.  I guess I could add my wages to the CA return only.  Do they crosscheck with IRS?
 

  Yes, it is a great idea to report income on one return and not another, to eliminate any question about your tax fraud being intentional.

catanpirate said:   
adzu227 said:   What would you do in my place?
Would it be prison time if this idea doesn't work out? If so, I'd start befriending some prominent members of prison gangs to hedge my bets.

I always heard that you should start a fight with the biggest guy you see on the first day, just to establish your cred! 

As it goes, "Ignorance Is Bliss!" I just found in the transcripts on the IRS site that "MARENCO V. VISA INC." paid me $1,485.00 (in Royalties) that I did not include on my 2012 tax return. I then did a search and found on this FW archive (www.fatwallet.com/forums/arcmessageview.php?catid=52&threadid=11... - Heads up - Class action check mailed Marenco vs Visa) this was a Class Action check sent to me in Jan. 2012 and I inadvertently threw it away, probably thinking it was junk mail! Now, not only I lost the $1,485.00 check, but I guess I should be hearing from IRS one of these days for not reporting this and cough up more taxes and penalties!

What would Walter White do?

IRS will pay you to report tax fraud. I reported the OP just in case he's a FatWallet millionaire.

It's funny, my buddy Wesley Snipes asked me this same question years ago. I thought it was a terrible idea, but he just kept saying "always bet on black!", which made no sense at all. He should have bet on orange (jumpsuits). The good news is he found a job right away with his buddy Sly.

I have to give the OP green on this. The IRS wage and income transcript is a great tool for double checking numbers and I definitely did not know about this site. I moved in Aug 2013 and I had to use my previous address for registration. My W2s were up to date as were 1098s from two houses. That's it though... So I guess I don't have to report any of my stock transactions!!!! WooHoo!! on to easy street..

chunkalunk said:   It's funny, my buddy Wesley Snipes asked me this same question years ago. I thought it was a terrible idea, but he just kept saying "always bet on black!", which made no sense at all. He should have bet on orange (jumpsuits). The good news is he found a job right away with his buddy Sly.
  
Orange is the new Black....hey you should make a TV show about that! 

OP.. Thanks, I was not aware that this existed.

In regard to your question, the website says:
"Wage and Income Transcripts show data from information returns, such as W-2s, 1099s and 1098s, reported to the IRS. Most recent year information may not be complete until July. "

Better wait till July.

any similar CA State site to check for transcripts?

OP - Thanks for the link.  Just for kicks, I ran my Wage and Income Transcript for 2012 and 2013.  Just to show you how incomplete this data is, my 2012 transcript printed out at more than 15 pages with nearly 50 items reported.  My 2013 transcript, which should be about the same number of items, contained a grand total of THREE items. 
 

Anyone else getting the following message when attempting to get their info?

Registration: Error
The system cannot verify your identity to access your requested application at this time.
 

For what it's worth, I looked at mine, and there are MANY MANY 1099's missing from every single year (going back 10 years) that I am absolutely certain got filed and sent in. There's no way in the world that a dozen clients that I had in 2011 that all sent me 1099's ALL just didn't file them.  I wouldn't take this record as complete.

bluegreenturtle said:   For what it's worth, I looked at mine, and there are MANY MANY 1099's missing from every single year (going back 10 years) that I am absolutely certain got filed and sent in. There's no way in the world that a dozen clients that I had in 2011 that all sent me 1099's ALL just didn't file them.  I wouldn't take this record as complete.
  Does this mean the data on their Website is different from what they have in store for audits?

To ignore the other obvious ways in which this is a terrible idea, I would love to be the prosecutor on a tax evasion case where income was reported to the state agency and not to the fed. Sounds like an early lunch and a plea deal, depending on how hungry they are for either a sandwich or a court date.

I wonder what the criteria is for the data listed on that site. It's missing a bunch of my 1099's from prior years, but it is somewhat useful to get a general sense of what was filed if you ever need to double check something.

Does IRS audit based on each individual item in a category (missing interest, for example) or the the total (all interest payments combined) so if an item is missing on the return but the total on the return is greater than the total they have on record then Audit is NOT flagged?

catanpirate said:   
adzu227 said:   What would you do in my place?
Would it be prison time if this idea doesn't work out? If so, I'd start befriending some prominent members of prison gangs to hedge my bets.

  That would be federal PYITA prison.

if they have internet privileges in the local penitentiary, please let us know how this goes for you.

a783783 said:   IRS will pay you to report tax fraud. I reported the OP just in case he's a FatWallet millionaire.
  The average 2013 whistleblower award is about $430K down from an averge $975K from 2012.

http://www.accountingtoday.com/news/irs-paying-out-less-in-whistleblower-claims-70249-1.html

BrunoB said:   Does CA has a similar site (as IRS) to check the Transcripts?
  I do not see any form for that on their website.  The office probably does not want to provide that type of service.
https://www.ftb.ca.gov/forms/search/index.aspx 

Upon further review (instant replay), I stand corrected.

https://www.ftb.ca.gov/forms/misc/3516.pdf 
 
CA wants $20 to send you a transcript.  Highway robbery, in my opinion.

FYI - Fellow FW conspiracy theorists:
Registering at this site will link identity to an email address.. And the full contents of your emails are being monitored.

(JK)

@fedguy
Thanks for your reply. So it seems there is a way (by submitting a form) to get transcripts but transcripts are not available online a la IRS.

My transcripts are usually very incomplete until mid year. My brokerage has sometimes sent me corrections into April, and they don't appear at all in my transcript yet.

NEDeals said:   My transcripts are usually very incomplete until mid year. My brokerage has sometimes sent me corrections into April, and they don't appear at all in my transcript yet.
  You mean they NEVER appear or they do appear eventually only after several months?



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