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Amending Income Tax Returns

Amending Income Tax Returns. Janet Mosebach George Mutter Department of Accounting College of Business and Innovation March 23, 2012. Amending Income Tax Returns.

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Amending Income Tax Returns

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  1. Amending Income Tax Returns Janet Mosebach George Mutter Department of Accounting College of Business and Innovation March 23, 2012

  2. Amending Income Tax Returns DISCLAIMER: This presentation is being provided for UT employees affected by the recent 2011 Form W-2 corrections and is meant to provide general information about whether amended income tax returns need to be prepared and how to prepare them. It is being conducted by faculty members from the UT Department of Accounting. These faculty members have tax experience but they are not paid tax preparers. Specific questions about your particular tax situation should be referred to your tax adviser.

  3. Amending Income Tax Returns Five recent 2011 Form W-2 corrections • Health Savings Accounts (HSA) • Dental Benefits (Health Science Campus employees only) • Medical Residents • Relocation Expenses (moving reimbursements) • Group Life Insurance Imputed Income

  4. Amending Income Tax Returns • If you are not affected by one or more of these five corrections, you do not need to do anything. • If you are affected by one or more of these five corrections but have not already filed your 2011 income tax returns, you do not need to do anything except use the new, reissued Form W-2 provided to you during the past two weeks instead of the one provided to you at the end of January 2012 when preparing your tax returns. • If you are affected by one or more of these five corrections and have already filed your 2011 income tax returns, you may need or choose to amend some or all of those returns to reflect the corrected information.

  5. Correction 1: Health Savings Accounts • Form W-2: Box 12 (Code W) • Original W-2 • Only included contributions made by UT • Did not include pre-tax employee contributions • Reissued W-2 • Now includes contributions made by UT and employee • Impact • Federal: No change; informational change only • State: No change • Local: No change

  6. Correction 1: Health Savings Accounts Original W-2 Reissued W-2

  7. Correction 2: Dental Benefits (HSC only) • Form W-2: Box 16 • Original W-2 • State wage amount was too high • Reissued W-2 • State wage amount has been decreased to correct amount • Impact • Federal: No change • State: No change • Local: No change

  8. Correction 2: Dental Benefits (HSC only) Original W-2 Reissued W-2

  9. Correction 3: Medical Residents • Form W-2: Box 1 • Original W-2 • Federal taxable wage amount did not include all wages • Reissued W-2 • Federal taxable wage amount has been increased to correct amount • Impact • Federal: Tax liability will increase; file Form 1040X and pay tax due • State: Same as Federal; file Form Ohio IT 1040X to amend • Local: No change; local wage amount was correct

  10. Correction 3: Medical Residents Original W-2 Reissued W-2 NOTE: Any decrease in state wages is due to Dental Benefits issue.

  11. Correction 4: Relocation Expenses • Form W-2: Boxes 5, 12 (Code P), and 18 • Original W-2 • Medicare & Local wage amounts were too high • Reissued W-2 • Medicare & Local wage amounts have been decreased to correct amount • Impact • Federal: No change; taxable wage amount was correct • State: No change; state wage amount was correct • Local: Tax liability will decrease; file Toledo Income Tax Return to amend and claim refund

  12. Correction 4: Relocation Expenses Original W-2 Reissued W-2

  13. Correction 5: Group Life Insurance • Form W-2: Boxes 1, 5, 12 (Code C), 16, and 18 • Original W-2 • Federal, state, and local wage amounts were incorrect • Some were too high and some were too low • Reissued W-2 • All wage amounts have been corrected • Impact • Federal: Tax liability will increase if wages were too low or decrease if wages were too high; file Form 1040X to amend and pay tax or claim refund as necessary • State: Same as Federal; file Form Ohio IT 1040X to amend • Local: Same as Federal; file Toledo Income Tax Return to amend

  14. Correction 5: Group Life Insurance Original W-2 Reissued W-2

  15. Amending for W-2 changes. Form 1040X (bottom of page 2)

  16. Where to file Federal Form 1040X

  17. Life Insurance Example

  18. Mail to: Ohio Department of Taxation, P.O. Box 1460, Columbus, OH 43216-1460. Phone: 1-800-282-1780

  19. Amending for W-2 changes. Form MI-1040X (bottom of page 2)

  20. Where to find blank amended income tax return forms Federal Form 1040X (separate link for instructions) http://www.irs.gov/pub/irs-pdf/f1040x.pdf http://www.irs.gov/pub/irs-pdf/i1040x.pdf Ohio Form IT 1040X (includes instructions) http://tax.ohio.gov/documents/forms/ohio_individual/individual/2011/PIT_1040X.pdf Michigan Form MI-1040X (includes instructions) http://www.michigan.gov/documents/taxes/MI-1040X_372133_7.pdf Toledo Income Tax Form (includes instructions) http://www.toledo.oh.gov/LinkClick.aspx?fileticket=E_7G_Xo_goY%3d&tabid=214&mid=994

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