revised W-2, but I already submitted my taxes

[7costanza]

Because of the pre-tax transit subsidy that changed recently retroactive to 1/1/12, I received a corrected W-2 in the mail yesterday. My income was $12 less on the new one. We submitted our taxes back in February and have already received our refund. Do I need to resubmit them with the updated numbers? Can I do something on next years taxes to account for the change? 

[londoncalling]

You need to file an amended return 1040x with the correct information. The corrected w2 will be sent to the IRS and will not match your return as currently filed.

[LoveTrains]

Yes you need to file an amended 1040. Did your employer also reimburse you for the extra FICA you paid? You would have paid extra FICA throughout the year because the employer was treating your money as post-tax when it was actually pre-tax.

ETA: We got something like $80 back from my H's employer for his excess FICA contributions. 

[7costanza]

Thank you! I'm not sure if I have been reimbursed for the extra FICA taxes yet, I'll go back and look at my pay stubs to check. I work for a very large firm and received an email about this, so I know they are on top of it.

[aurora]

Although technically you do need to file a new 1040, if you actually made less money than you thought you did, then you probably overpaid in taxes (compared to the new W-2). Therefore, the IRS isn't likely to come after you to try to give you an additional refund of $3 or whatever it comes out to.

Full disclosure: I am not an accountant or lawyer or anything professionally qualified to give advice on this - just thinking practically.

[LoveTrains]

Mar 23, 2013 11:00:29 GMT -5 7costanza said:

Thank you! I'm not sure if I have been reimbursed for the extra FICA taxes yet, I'll go back and look at my pay stubs to check. I work for a very large firm and received an email about this, so I know they are on top of it.

I don't mean this to come out wrong, but how on top of it can they be if you are just now receiving the w2-c? We had our revised w2 well over 6 weeks ago. They should have also informed you in January that you would be receiving the w2-c. That way you wouldn't have filed already and wouldn't have to amend your taxes. 

We also received a separate check that was the excess FICA contributions. The way my H's employer explained it, they had to do a separate check and couldn't just include it with your paycheck (since it was an overpayment of taxes). 

[7costanza]

Mar 23, 2013 12:02:23 GMT -5 LoveTrains said:

Mar 23, 2013 11:00:29 GMT -5 7costanza said:

Thank you! I'm not sure if I have been reimbursed for the extra FICA taxes yet, I'll go back and look at my pay stubs to check. I work for a very large firm and received an email about this, so I know they are on top of it.

I don't mean this to come out wrong, but how on top of it can they be if you are just now receiving the w2-c? We had our revised w2 well over 6 weeks ago. They should have also informed you in January that you would be receiving the w2-c. That way you wouldn't have filed already and wouldn't have to amend your taxes. 

We also received a separate check that was the excess FICA contributions. The way my H's employer explained it, they had to do a separate check and couldn't just include it with your paycheck (since it was an overpayment of taxes). 

It's a good point. I need to go back and look at the email (which was just sent within the last two weeks), I work in HR and get copied on a lot of stuff like this that doesn't necessarily apply to me so at the time I just skimmed it. I didn't realize it would be a separate check, so I'll also look into that. One of the drawbacks of working for such a big firm is that sometimes things move really slowly. Thank you!