Finally started to sit down and prepare the taxes. My wife’s W2 in Box 13 where it should be checked for “Retirement Plan” is unchecked. She did contribute to a 401(k) that year and that is reflected in Box 12D.
My first thought was, get a corrected W2 from the employer. Not a small task, they are very frustrating to deal with.
So I wondered, what happens if on the taxes (using Turbotax) is we check this that she does have a Retirement Plan, because she really does, and go ahead and file the taxes as normal.
What is the downside to doing this? What does the employer checking or unchecking Box 13 “Retirement Plan” actually do? Or is there merely a static being collected by the IRS?
When the corrected W2 finally arrives, would any of the other data parts of the form be changed because the employer now checks Box 13 “Retirement Plan”? If not, can I go ahead and select it as checked in Turbotax knowing the employer will eventually send a corrected W2?
Or is the IRS going to bounce back this return or whatever they do because their information from the employer’s W2 won’t match what we provide in the tax return? And I’m better off waiting for the corrected W2?
I guess I could file the return and provide the incorrect information as stated on the W2 so we can get our refund sooner, and then amend it afterwards. Just wondering if this “Retirement Plan” from Box 13 has any other ramifications I’m not considering? Thanks!