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What Do You Know about W-2 Forms?

Every end of the year, an employer must send to IRS or Internal Revenue Service a form called W-2. An employee’s annual wages and the amount of taxes that is withheld from his or her payroll is reported through this W-2 form. The IRS requires employers to report the wage and salary information for employees on the W-2 form. It is also shown on the W-2 the amount of federal, state and other taxes that are withheld from your payroll. Therefore know that as an employee, the information found on your W-2 is extremely significant when you prepare your tax return.

If you have knowledge that your W-2 has not been sent, contact your employer immediately, or your previous employer if you transferred to another job already, and ask your employer to send your W-2 soonest, making sure that they have your right address.

If you have not yet received your W-2, it is of important that you contact the IRS after February 14 usually, and you may call 800-829-1040 phone number of their office. Filing one’s return on time is a very important activity to avoid concerns in the future. Make ready your information like your name, address, social security number and phone number. With regards to the information of your employer, have ready its name, address, phone number, employment dates, and your estimated wages and federal income tax withheld, with pay stubs as support if available.

You will be needing your W-2 and Wage and Tax statement if you are going to another company, and your previous statement should have sent it by the end of January, with a two week period by sending through mail.

Filing of your tax return should be on time, and you can do this on or before April 15th of the year, and if you have not yet received your W-2, you can use in filing form 4852 together with your Wage and Tax statement to take the place of your W-2 form. Since IRS will still verify your information, there could be some delay in the processing of your return by the IRS, and so it is good to be as much as possible accurate in estimating your income and withholding taxes. .

1. Be informed that you can still get a six month extension of time if you need more time in filing. If you are to request for an extension, you must do it on or before April 15, and use the file form 4868 as the form fit for an automatic extension in filing your income tax return.

When you change your address as you change the company you are working with, it is not your legal obligation to notify your past employer, however, take note that your employer is required by law to send your W-2 not later than January 31, and if you do not have a forwarding mail order in place, you will not receive your document.

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