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 1.Health Savings Accounts (HSA) 2.Dental Benefits (Health Science Campus employees only) 3.Medical Residents 4.Relocation Expenses (moving reimbursements) 5.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-2Reissued 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-2Reissued 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-2Reissued 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-2Reissued 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-2Reissued W-2

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

17. Where to file Federal Form 1040X

18. Life Insurance Example

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

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

24. 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/PI T_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&t abid=214&mid=994