@Mintipine wrote:
Thank you once again for your answer!
I contacted my Finance Department and they told me that they made a mistake on W2 and did not to fully reflect MHA amount. They told me that corrected W2 will be sent out within 4-6 weeks.
In this case, should I just go ahead and file the tax with current W2 and file for the amendment later when I receive the corrected W2? Or should I ask for extension and file with the corrected W2 later? But I hear that even if I ask for extensions I have to pay the tax that is due or I will be facing penalties and fees?
Thank you again for your insight!
There is both a late filing penalty and a late payment penalty. Because of the very long delays in IRS processing amended returns, I would file the extension now, and file a single correct return when you have the correct information. However, you should pay as much (or more) as you expect to owe, no later than May 17, to avoid the late payment penalty. If you overpay, you will get the difference back as a refund when you file.
