It is the beginning of the year and you receive your first W-2 form. After preparing your taxes you realize that you still owe the IRS more taxes. Why would you owe more taxes and what do you need to do differently in the future to avoid this happening again?

Question

Dax Norris

Business

12 January, 22:29

It is the beginning of the year and you receive your first W-2 form. After preparing your taxes you realize that you still owe the IRS more taxes. Why would you owe more taxes and what do you need to do differently in the future to avoid this happening again?

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Answers (1)

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Kellen Franco · Answer 1

Miscalculation on earnings

Explanation:

On the employee's copies of the corrected form, write "Corrected" at the top of each copy. You do not have to issue a new W-2 if the previous one was correct ... If the employee has already filed a tax return with an incorrect W-2, they must file an amended return using Form 1040X and the corrected Form W-2