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Investors & landlords
If the amounts included on your W-2 were the same as the amounts not included, then you could just decide which ones to designate as compensation income not included in the W-2. However, because that is probably not the case, the IRS recommends that you request a corrected W-2 from your employer. The IRS recommends that you contact your employer first before contacting them to request assistance. In this regard, the IRS provides the following:
If by the end of February, your Form W-2, Wage and Tax Statement has not been corrected by your employer after you attempted to have your employer or payer issue a corrected form, you can request that an IRS representative initiate a Form W-2 complaint. Call the IRS toll free at 800-829-1040 or make an appointment to visit an IRS Taxpayer Assistance Center (TAC).
- The IRS will send your employer a letter requesting that they furnish you a corrected Form W-2 within ten days.
- The IRS will send you a letter with instructions and Form 4852, Substitute for Form W-2, Wage and Tax Statement, or Form 1099-R, Distributions from Pensi.... You can use the Form 4852 in the event that your employer doesn't provide you with the corrected Form W-2 in time to file your tax return.
If you are unable to obtain a corrected W-2 from your employer, the other option is to prepare Form 4582, Substitute for Form W-2, Wage and Tax Statement. However, before completing Form 4582, you need to contact your employer first. TurboTax can prepare Form 4582 based on your responses; however, because the IRS does not allow electronic submission of Form 4582, you will have to print it out and mail your return to the IRS.
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