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W2 Retirement Plan box 13

I filed my 2022 W2 but my employer forgot to check box 13 for Retirement Plan. They recently gave me a 2022 W-2C with the correction made of that box checked. No other changes were made. Is that going to make a difference? I'm not sure how to handle it. 

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3 Replies
carolineb
Employee Tax Expert

W2 Retirement Plan box 13

Yes, you should at least check for the Retirement Savings Credit if box 13 is checked (though you may not be eligible for the credit when you go through the questions).  Box 13 will indicate if you are enrolled or offered a retirement plan by your employer.  This information is used for a few different things, mostly to determine eligibility and contribution limits to retirement accounts.  It is not the same as the Retirement Savings Contribution Credit but having that box checked will tell the program to look for that credit.
 
The Retirement Savings Contribution Credit is a credit for making eligible contributions to your IRA or employer-sponsored retirement plan (i.e 401k).  It is designed to encourage those with adjust gross income levels below a certain amount to save for retirement.  You can find more information about these levels and the credit itself at the link below.  
 
If you did contribute to a retirement plan, then you should click on that credit and go through the questions to see if you qualify.  If you contributed to a 401K through your employer, then that information is likely on your W2 box 12 code D and the program will pull it into that section automatically and determine if/how much credit you qualify for.
 
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W2 Retirement Plan box 13

Thank you for the information. With that being said, should I file an amendment and upload the W-2C?

carolineb
Employee Tax Expert

W2 Retirement Plan box 13

Yes. If the amendment shows that you are not eligible for the Saver's Credit, then there should be no change to your tax liability resulting from the retirement box being checked on the W2-C, but at least you will have filed an amended return to showing that your employer is providing you with retirement options. 

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