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What are my options if I do not get my W2C before October deadline?

My previous employer sent me a W2C, but it still is incorrect. I received signing bonus from them, and I repaid that in full after quitting. Despite asking for a revision of the W2 to reflect the repayment, I received a W2C without considering the repayment. I had filed for tax filing extension in April.

I've asked my ex-employer for another W2C, but I will not make in time for the deadline in October. 

Please advise what are my options? Can I file the W2 for this year, and then file the new W2C document in 2017 and get the refunds at that time?

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Accepted Solutions

What are my options if I do not get my W2C before October deadline?

If you received it in 2015, it SHOULD be on your 2015 W-2.  Your employer should NOT change that.

On your 2017 tax return, you can report the repayment.
https://www.irs.gov/publications/p17/ch12.html#en_US_2016_publink1000172015


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7 Replies

What are my options if I do not get my W2C before October deadline?

Did you repay it in the same calendar year as you received it?  Or were they different years?

For example, did you receive it in 2016, and repay it in 2017?

What are my options if I do not get my W2C before October deadline?

Good question - I received it in July 2015. I repaid it in Jan 2017.

What are my options if I do not get my W2C before October deadline?

If you received it in 2015, it SHOULD be on your 2015 W-2.  Your employer should NOT change that.

On your 2017 tax return, you can report the repayment.
https://www.irs.gov/publications/p17/ch12.html#en_US_2016_publink1000172015


What are my options if I do not get my W2C before October deadline?

Thanks for that - in which case, how do I report the repayment, and prove the repayment? Do I have to ask for the W2 from my ex-employer for 2017? I quit the firm in 2016 April.

What are my options if I do not get my W2C before October deadline?

They should not send you a corrected W-2 for that ...it has nothing to do with your W-2 at all ... use the instructions TaxGuyBill gave you in the answer above.

What are my options if I do not get my W2C before October deadline?

Per superuser bwa --  <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/2594305-repaying-moving-benefits">https://ttlc.intuit.com/question...>

If you repaid amounts reported as income in the prior year -

----- if the amount is $3,000 or less, it is a miscellaneous itemized deduction subject to the 2% limitation.
----- if the amount is more than $3,000, it is a miscellaneous itemized deduction which is not subject to the 2% limitation.

If the amount was received under a "claim of right" (you had unrestricted use of the funds but later found out you didn't), you have one more choice:  if the amount is more than $3,000, you can choose instead to claim a credit for the additional tax incurred by reporting the repaid amount in income.  See IRS Publication 525 for an explanation of that method.  It is available at:  <a rel="nofollow" target="_blank" href="http://www.irs.gov/publications/p525/ar02.html#d0e9279">http://www.irs.gov/publications/p525/ar02.ht...>

Look under deductions and credits, then other deductible expenses, then less common expenses if the amount is under $3,000.

Turbotax on-line does not support the "claim of right" computation.  Turbotax desktop, in the forms mode, permits the credit to be entered in the "smart worksheet" above line 72, but you still would need to compute it manually.

What are my options if I do not get my W2C before October deadline?

You can still file a 2016 return after October, but will need to do so by mail.

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