W-2C form question

[Bay204]

I recently received a W-2C form from my employer a few weeks ago.  It is a correction for tax year 2020. There is an increase of $1,000 on reported amount of my social security tax withheld. Do I need to refile my 2020 tax returns? Will I get more money back if I refile?

[AR_CPA]

Hello Bay204, 

Hope you're doing great!

If the only error on your W-2 was Social Security Tax withholding, and you had only one W-2, then, you may not be getting any additional refund and you may not need to amend.  On the other hand, if you had multiple jobs and you had excess social security tax withheld due to multiple W-2s received, you will need to amend your return to get some of it back.  

[Bay204]

I have 2 jobs. Is there a deadline if I wanted to refile for 2020? Can I wait until next year?

[AR_CPA · Accepted solution]

The deadline to amend a tax return, if you need to amend a tax return, it must be filed by the later of:

• three years from the original due date of the return,
• three years from the date you actually file if after the deadline or
• within two years of paying tax for that year.

For a 2020 tax return filed in 2021, the deadline was automatically extended to May 15, 2021 and therefore 2021 amended returns have to be filed prior to May 15, 2024.

[sassyanntiques]

I also received a W-2C indicating 1,179.38 more was withheld than previously reported. When I originally filed, I reported info from original W-2 that was withheld which was 5,019.85. The W-2C states corrected info should have been 6,199.23. If my refund was based on the original filing, why wouldn't I get the entire difference refunded back to me?