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Level 1
February 10, 2023
Question

Will my taxes be delayed if my employer is sending me over a new w2? I filed already but the origin w2 did not have the boxed marked for my retirement plan .

I received two W2s from the same employer, one was marked for my retirement but not the other one. I have already filed my taxes and It shows my return has been accepted but will my refund be delayed because of the error ? My employer is sending me a new W2 by Feb 24th.

2 replies

Alumni - Intuit
February 10, 2023

Maybe.  The IRS may contact you for more information or they may tax your retirement contribution.  'Your return needs to be amended.  

 

Taxpayers who are due refunds from their original tax year 2022 tax return should wait for the IRS to process the return and they receive the refund before filing Form 1040-X to claim an additional refund. It may take the IRS up to 16 weeks to process amended returns."

 

From the IRS website: Tips for taxpayers who may need to amend their tax return

If you do need to amend your return, TurboTax can help you with that, too.  If you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.”

 

The Form 1040X you need will not be available until late February.

 

The "Retirement plan" indicator in Box 13 shows whether an employee is an active participant in your company's plan. If this box is checked, it lets the recipient know that depending on their filing status and modified adjusted gross income, they may not be entitled to a full deduction for their traditional IRA contributions. You should check the retirement plan box if an employee was an "active participant" for any part of the year in:

  • a qualified pension, profit-sharing, or stock-bonus plan under Internal Revenue Code Section 401(a) (including a 401(k) plan).

IRS Common Errors on Form W-2 Codes for Retirement Plans

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Level 15
February 10, 2023

did you want to  or did you contribute to your own IRA?

 

if no, you can ignore the corrected W-2.

 

@kandyman1627