Updated W2 for FICA taxes

[noviceattax]

Dear All,

I expect to get an updated W2 (or maybe a W2-C) from my employer.  However, there will be no change in the amount of Income tax I need to pay or the amount of refund I will get. The only change it will have is in the amount of FICA (Social Sec and Medicare) taxes withheld. They will hold more FICA taxes for me for 2020. I also know the exact new amount that will be held for the FICA taxes.

1. Am I legally allowed to manually edit my current W2 in the Turbotax and file the return now itself? Note that my employer will be holding the additional amount for FICA later in March or April and send me an updated W2 later.
2. What all other options do I have?

[DMarkM1]

No you do not change the W2 information you have.  The IRS is looking to reconcile you tax return information with the same W2 information you have. 

Once the recoup period is over, (note:  it has been expanded to 31 Dec 2021), the employer will issue a corrected W2C to you with copies to the Social Security Administration to update their records.  As you mention there is no change to your tax calculations only social security records.  There is nothing you need to do.

[noviceattax]

Thanks for the response @DMarkM1 . So you mean I should just file my returns as it is with the current W2? Right?

[DianeW777]

Yes, that is what you should do.  The Social Security Administration will receive the updated information when the W-2C is prepared and you will receive a copy.  This will not change your tax return at all.  Your social security record will be updated at that time to account for all of the tax paid on your behalf.

[noviceattax]

Thanks @DianeW777 . Then when I get a W2-C should I be filling an amendment? 

[DianeW777]

No, an amendment will not be necessary for the change to social security and medicare tax sections. This is important to you only for your social security account.