Hi @VolvoGirl to answer your questions
1) My employer is issuing me a W2C.
2) They said it will take 4-6 weeks from this week to be generated.
3) There is a good chance I wouldn't have gotten my Federal Tax return by then. I got my NY state return a while ago.
The W2C has potential to reduce my federal refund slightly (couple of hundred dollars is my guess) or worse have me pay IRS. If IRS takes say total of 10 months to process my original refund, even if they make the correction on their own, won't they charge me 10 months of interest and penalties? Is it not better to file myself to avoid that interest/penalties? I heard they are pretty stiff. Also, in case of the NY state, they cannot make a self-correction given they have already issued me a refund - in case of state, I am anticipating no or small difference.
Sorry if my question is basic - I have never filed an amendment and I am confused.
