Should I wait for w2c or file extension

[irodim123]

Hi,

Just noticed the company didn't deduct the social security tax for 2021, so I asked company to correct it and they said it may take up to 20 weeks to get w2c. It's already March, so...

(1) Should I file an extension? or

(2) Should I file tax with current w2 and file amendment later?

Thanks.

[MaryK4]

Can you clarify what you mean by "did not deduct the social security"?  @irodim123

[irodim123]

@MaryK4 

In my w2, there's no social security tax withheld.

Thank you.

[ThomasM125]

It would be best to wait for the corrected W-2 form but maybe not absolutely necessary. You can try adding the social security tax that should have been withheld in box 4 (.062 x wages in box 3) and see if it affects your tax refund or amount due. If not, then you could remove the entry so you are reporting the W-2 the way it was issued and then file your tax return.

If your tax does not change when you enter the withheld tax, then you wouldn't need to amend your return when you get the corrected W-2 form.

Your social security and Medicare tax withheld is reported directly to the Social Security Administration from your W-2 form, so filing your tax return without the tax withheld will not affect your social security account. 

@irodim123