No, you would still need to report the repayment. Do not correct this on your W2 as this will raise a red flag with the IRS.. It is unfortunate your employer did not back the bonus amount out when the corrected W2 was issued.
You have several options. I would read guitarkenn advice given above on a possible solution, which may be the easiest solution to follow.
Another solution would be to have your employer issue another corrected W2 to report the bonus payment excluded.
If you itemize deductions, you may deduct the amount of repayment as an itemized deduction or take a credit. As ErnieS0 mentions, taking the credit is a more complicated process but may be worth it as it may save more money. If interested, please follow the steps given in this Turbo Tax article and pay attention to the section in the section entitled taking the credit in Turbo Tax CD/download.
This link will explain how to install the download and how to transfer from Turbo Tax online to your installed Trubo Tax product if you are interested in taking the credit.
@Msrain
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