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I have a W2 for that has "Social Security tax witheld" being over by 1 cent. Do I really need to contact by employer for a W2-c?
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I have a W2 for that has "Social Security tax witheld" being over by 1 cent. Do I really need to contact by employer for a W2-c?
No, you can round off the entry by dropping the cents, the IRS won't care. Turbotax is extremely sensitive to this issue for some reason.
*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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I have a W2 for that has "Social Security tax witheld" being over by 1 cent. Do I really need to contact by employer for a W2-c?
The IRS allows you to round the numbers on your tax documents and your tax return. Amounts $0.49 or less are rounded down; amounts $0.50 or more are rounded up.
Check the math with the rounding in mind. If the numbers are correct, enter the rounded amounts for the W-2 and do not worry about getting a corrected W-2 for a penny difference.
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