Worked two jobs for the past two years but only filed taxes for one how much trouble am i in with the IRS?

When I file the right way this year using both W2's will this cause me a lot of problems with the IRS for a long time or will I be able to resolve it quickly avoiding garnishments etc?

Public Comments

1. You need to file your W2's seperately... one for this year and one for the year you missed... you can't just tack the old one onto this year's. You might not have any problems with the IRS if you file last year's and find out that you didn't owe them anything anyway... then it should be relatively easy.
2. You will go to jail and not pass go.I say you will do 5 years in a maximum security prison.
3. If you file an old return before they notify you, you will be in no trouble at all. You do have to pay penalties and interest if you ended up owing money. If it's a refund, there's no penalty. If you have W2s from different years, you need to file a tax return for each year. So you probably have to file for both 2006 and 2007. You can get 2006 forms from www.irs.gov. Don't forget your state returns. Some states (like California) will charge a penalty for a late form even if they owed you money. Finally, it's OK to file your 2007 return before your 2006 one. But you should get any late ones in as soon as you can.