Yes, update your address. The only truly critical information on your W-2 (that the IRS looks to see, anyway) is your Social Security Number, your employer's 9-digit Employer Identification Number (EIN), and your actual wage data. The rest of the information shown there is not really critical, or essential, to the accurate acceptance and processing of your tax return. Yet, for reasons of completeness, the TurboTax program asks users to fill in all of the fields from their W-2.
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