Taxes: The W-2c Form

Before I start, a quick reminder, taxes are due Monday, April 15! I just filed mine and wanted to share something new that I learned in the 10+ years of tax filing.

While I was gathering the necessary documents for my tax preparer, my company sent out a notice that Congress increased the maximum commuter transportation tax deductible limit from $125 to $240 and this is retroactive for 2012. Because of this change, every employee that fits the category (I file my transit expenses with my employer) will have a lower taxable wage and will be reflected on the W-2c form that they will mail out.

Great! But what is a W-2c?

The W-2c form is filed by the employer similar to the W-2. It serves as a means to correct and report any inaccurate values that was submitted to IRS via the normal W-2 form. It only includes the corrected values. Note: this is not a revised W-2 and does not replace your W-2! This definitely confused me for a bit when I received my copy of the W-2c, it looked exactly like my W-2 except some fields were left blank. So if your taxable wages was updated, then only your taxable wages will be referred on the W-2c form. Of course, if everything in your W-2 was wrong then the W-2c can be used to revise every field as well.

Bottom line: when filing your taxes, don’t just look at your W-2 or W-2c alone, both forms are needed to help you fill out values in your 1040 and the like.

That’s it for my little tax lesson, until next time.

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