Got a W-2c for 2021 but im filing for 2024 right now. Do I amend my 2021 return or add the w-2c to this years file?

[rehan661262]

Got a w-2c for 2021 but im filing for 2024 right now. Do I amend my 2021 return or add the w-2c to this years file? I recieved the W2c in 2023. It was for a repayment of sign on bonus to my employer. 

Also I dont see a place to add W-2C in the turbo tax website. Can somone guide me where exactly to submit the W2c

[DoninGA]

You will have to amend the 2021 tax return that you filed to add the W-2C for correcting the W-2 that was included in the 2021 return.

To access your prior year online tax returns sign onto the TurboTax website with the User ID you used to create the account - https://myturbotax.intuit.com/

Start the 2023 online tax return by entering some personal information then click on Tax Home on the left side of the screen.

On the Tax Home webpage -

Scroll down to the section Your tax returns & documents.  Click on the Year 2021 and Click on Amend (change) 2021 return

If you used the desktop CD/Download editions installed on your computer, the only copy of your tax data file and any PDF's will be on the computer where the return was created.  TurboTax does not store online any returns completed using the desktop editions.

[CatinaT1]

You will need to amend your 2021 return. See this TurboTax FAQ for help with amending.   

This will tell you how to enter it: How do I enter a 1099-C?

[Mike9241]

did you repay the sign-in bonus in the same year you got it, then the w-2c should show wages and other items net of the repayment so box 1 would change and you would need to file an amended return.

if the repayment was in a subsequent year different rules apply. the W-2C may only be to correct social security and medicare wages and withholding boxes 3 through 6 and no amended return needs to be filed for these changes 

rules for subsequent year repayment

if the repayment was more than $3,000 (if less you can do nothing) you can take a deduction on schedule A line 16 describe it as IRC 1341 repayment OR
recompute the taxes in the year you received the payment by excluding the gross repayment. The decrease in taxes is taken as a credit on schedule 3 line 13b

[ars1989]

I have a similar issue. The IRS took my 2024 federal refund. They said I owed them 11,000 for a repossession and said the bank wrote it off and I didn’t report it as income on my 2021 taxes but I knew nothing about it because the bank or nobody sent me anything about the car being sold or auctioned off so I didn’t know what it was. I called the bank yesterday for a 1099c form and told them the story about how they never sent me anything about the car and how the IRS took my money and they said they have nothing to do with what the IRS did. Well my question is once I get my 1099c form do I amend my 2021taxes or do I amend my 2024 taxes since the IRS took that federal? And will I get my 2024 federal return back?

[KeshaH]

If the 1099C is a 2021 form, you'll need to amend your 2021 return to include the income. You may qualify to exclude the income on your 2021 return using Form 982. If so, you'll need to request a refund of your 2024 tax refund from the IRS since you wouldn't have owed the money.