My wife's company did not deduct any Social Security and Medicare Tax by mistake and the corrected W2 would reach us after 16th April. Should we file an extension or should we file with the same W2

[sandeeps1983]

We will file as married filing jointly and it looks like we would still get a return even after deducting 6.2 % + 1.45% tax that we owe..

[BMcCalpin · Accepted solution]

Personally, I would file the extension, in case there is a surprise on the Corrected W-2.

Since you have already done the first pass and seen that you will get a refund anyway, that simplifies your 4868 (the form to request an automatic extension).

File your extension (which gives you until October to file), and when your Corrected W-2 comes in, file when you add it to your return, even if it happens to be before April 18. But with the extension, you are protected from surprises.

[sandeeps1983]

So, when I try to file an extension through Turbo tax Easy Extension option, there is a question on "Enter your estimated total taxes owed in 2016"... Am I supposed to enter the Box 2 total from W2 for both me and my wife? or am I supposed to enter the total for Box 2, Box 4, Box 6 and Box 17 for both me and my wife?

[BMcCalpin]

Line 4 on the 4868 asks "Estimate of total tax liability for 2016". Line 5 asks "Total 2016 payments......". line 6 asks "Balance due. Subtract line 5 from line 4".

If you have already done the first pass and know that you are receiving a refund, all that matters is that line 6 is zero (as it should be if you expect to get a refund). This means that you won't send any money to the IRS when you file the extension.

I can't see the TurboTax amendment dialogue in my tests, but this is the result that you want.

Worst case, just go to the IRS website and form-fill the 4868 and print and mail it.