Originally Posted by Dan32
Today I received a corrected W2 from Megacorp for 2012. I haven't plugged the corrected numbers into my tax program yet (which is on an old computer I no longer use), but I think I might be entitled to ~$50 to $100. I think this because they reduced my taxable earnings by ~$200.
In 2012 I retired from megacorp and went to work for another company. This raises several questions in my mind:
- Why so long to send the correction?
- What other mistakes did they make?
- What happens if I don't do anything (especially if I determine I owe the IRS)?
- Is this a common problem?
An apology or explanation along with the corrected W2 would have been nice, since this will cost me time and money vs if they had done it correctly the first time.
Has anyone else had this happen to them?
Would you even be able to get the refund if you filed an amended return? I think the 3 year statute of limitations may be about
to run out on you.
If you owe additional amounts then a couple of things could happen:
- IRS notices, within the statute of limitations, and send you a letter to pay up.
- IRS does not notice and thus no consequences.
Since the interest/penalties would likely be small, both on a % basis as well as an absolute $ amount basis, you may wish to play audit roulette on this and wait for them to notice.
You may also wish to investigate how this would effect your state income tax return (if you have one). My state has very punitive penalties, much more than IRS, so I always try to make sure that my state receives it's share first.