Practical and Helpful Tips: Guides

Why Do You Need Your W-2

Every end of the year, an employer must send to IRS or Internal Revenue Service a form called W-2. With this W-2 form, it is reflected the annual wages and the amount of taxes withheld from the employee’s paycheck. The IRS requires employers to report the wage and salary information for employees on the W-2 form. The amount of federal, state and other taxes that were withheld from your paycheck are reported through this W-2 form. Thus note that in preparing your tax return as an employee, the information found on your W-2 is very important.

When you happen to transfer to another company, it is important that you contact your previous employer first and ask to send your W-2 especially if it has not yet been sent to IRS, and make sure that they have the right address.

The IRS can be contacted after February 14 using their number 800-829-1040 if you have not received by then your W-2 copy. It is very important then that you file your return on time to avoid problems. Be ready to provide your following information, such as your name, address, social security number and phone number. Furthermore, have ready information about your employer like its name, address, phone number, and your employment dates, and the taxes you paid for the federal income and estimate of your wages with stubs as support if can be obtained.

Be aware that your employer should send your W-2, Wage and Tax statement, by the end of January, and give it like two weeks for the documents to arrive by mail.

Be aware that on or before April 15 is the filing of your tax return if you want to be on time, and just in case your W-2 has not yet arrived, together with your Wage and Tax statement, you can use the 4852 form. Be accurate as possible in estimating your income and withholding taxes when using this form, and know that IRS may delay the processing of your return since it will verify the information you inputted. .

1. Some people may need more time in filing their returns, and so they can use a six month extension of time to do it. The form to be used in filing for automatic extension of time in filing income tax return is form 4868, and you must file this form on or before the 15th of April.

It is not your legal obligation to notify your previous employer if you change your address, however, bear in mind that they might send it to your prior address since they need to send it no later than 31st of January.

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