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Get your taxes done using TurboTax
I was able to "pay back" (albeit the wrong amount) the overpayment in my wages in December 2020, before they issued the 2020 W2. So, my HR says they will not need to issue a corrected W2.
I agree, I effectively paid less tax in 2020 because my earnings were reduced by $4k. How can I fix this in my 2020 tax return? I am thinking I should include $4k as Other Income in 2020 tax return, and plan on Deduction of $4k from my 2021 return?
This is very confusing. My apologies if I am not understanding.
March 9, 2021
5:11 PM