Incorrect W2?
- Thread starter Kiddog78
- Start date
Retiree health care and or non-qualified pension can do it.
I've been retired since 2007 and I get a W2 every year for my NQ pension
If they agree it's incorrect, then it should be a simple fix. If they refuse to correct it by the end of Feb, here's what to do next: https://www.irs.gov/faqs/irs-proced...additional-incorrect-lost-non-receipt-omitted
Neither apply, and the income amount is more than she made in her last year of working!
Thanks Cathy63!
Exactly!
Last week my wife received a 1099S from a law firm for some property that was sold last year. The problem is that we did not sell the land; it belonged to MIL and my wife signed off on the deal as POA for MIL. Getting a 1009S in her name would/could have caused all kinds of trouble as we would then be responsible for capital gains taxes. A call to the law firm did not make me feel any better as they seemed very disorganized and confused.
Montecfo
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
You are not responsible for taxes on property you do not own. If the law firm will not correct it, you can enter it as a transaction on your return, then adjust as a negative transaction "reportable by [MIL name and Tax ID]" and netting to zero.
Then report it properly on MIL's return.
What exactly is on the corrected W-2? Does it have a $0 in box 1? If so, you don't even enter it on your return. If you try to enter it, the e-file will reject. Having a "missing" W-2 may cause a human to take a look at your return. They should understand the reason for the W-2 situation quite easily since they'll have the corrected one, but it does mean they'll look at everything else on the return too.
Having large travel expenses for a rental property will catch the eye if they do look at your return, so there may be questions and a letter from the IRS asking you to substantiate your expenses on Sched E. Make sure you have documentation showing that your trips were for business purposes, or that you're only deducting the portion of the travel that was for business. E.g. if you take a 5 day trip to the rental and work on it for 1 day while vacationing for 4 days, that's not a business trip and you can't deduct the travel costs, only the costs you incurred on that one day of work.
I'm not saying you shouldn't deduct your expenses or that the IRS will definitely question it, just that this is a year when it might behoove you to have good documentation. Hopefully you won't need it, but best be prepared in case you do.
Whose SSN is on the 1099-S in the Transferor's TIN box? If it's your MIL's SSN, then even if it has your wife's name on it, it won't matter and you don't need to report it on your return. You would still report it on your MIL's return.
If it does have your wife's SSN (and how did they even get that info?) then follow Montecfo's advice.
