I recently left a company I had joined at the end of last year (2021) and had to repay my gross signing bonus less FICA OASDI and HI. I recently got a W-2C issued with updated portions for Social Security and Medicare wages and taxes withheld but the wages, tips, comp and federal income tax withheld sections are blank. Am I allowed to update my wages, tips, comp section based on what I actually earned? Below are some facts in my situation:
- Joined the company in Sept 2021
- Received signing bonus (all taxed of course) in Oct 2021
- Departed firm in Jan 2022 (it was my decision to leave)
- Repaid gross bonus less FICA in Feb 2022 (over 3K loss to federal withholdings)
- Received W-2C with section 1 Wages, tips, other compensation blank
When I update my wages based on the amount I actually earned (that being my original amount earned less the amount I repaid) it looks like TurboTax was able to compute the amounts I lost to Federal Withholdings and States taxes. However, I'm not sure if I'm able to do this since the updated amount isn't on my W-2C. Wondering if I would need to still file at 1341 next year. Appreciate any advice on this! 😁
