Should I file if I don't have a corrected W-2cs in time

[SP5368]

I received a letter from my employer today stating that they will be issuing a corrected W-2 due to not properly accounting for the group term life insurance they provide as a benefit.  They stated this will affect Medicare and Social Security taxes in accordance with IRS Publication 15-B.  They stated that the current backlog for processing the corrected W-2 with the IRS is 12 weeks.  Assuming I will not receive my corrected W-2 by April 18, do I file and extension or file and amend the return later. 

[JohnB5677]

This is always a personal decision.  I would base the decision on two main factors. 

• Are you entitled to a substantial refund or amount owed based on your current tax return?
• Do you know if this correction is going to make your Medicare and Social Security go up, or down?

If there is a substantial amount of money, either way, I would file soon.

[SP5368]

I am expecting to owe this year and I hope I will have the corrected W-2 before then.  I think this will only be a minor additional to the Medicare amount owed

[LeonardS]

No, you should not file until you have received the corrected W-2.  There may be more changes than you are unaware of.  Your W-2 has to match what your employer provides to the IRS.  If it does not match the IRS will contact you to resolve the difference.  It is early in the filing season so you should receive your corrected W-2 before the filing deadline of April 18, 2022.  If you do not receive it by then file an extension using Form 4868.

Follow these steps to file an extension:

1. With TurboTax open Click on the Other tax situations.
2. Scroll down to Other Tax Forms section.
3. Select show more.
4. Select Start on the line file an extension.
5. Follow the prompts to file your extension.