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Reply to "Gov’t saying I was overpaid and they want $$ back"
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[quote=Anonymous][quote=Anonymous]TAKE NOTE: You should probably refile your taxes going back to 2017, or whatever year you started the job. (There may be a three-year limit to correcting tax returns.) You need to get corrected W-2s from the agency ASAP because you would have paid taxes on the extra money they were giving you. Out of $16k, let's say you received $12k after taxes. The government will now collect $16k and your only way to recoup the taxes is to file an amended return. Otherwise you end up paying $16k + (say) $4k for the taxes you already paid. Something solar happened to me and I stupidly didn't file amended tax returns.[/quote] Not OP, but I was told I would get an amended W-2 AFTER the overpayment is paid back. And a blurb directing me to IRS Publication 525 - you can claim the the amount as a deduction on your tax return for the year in which it was repaid but are not entitled to file an amended return. That sounds like it's gonna be fun to figure out.[/quote]
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