Questions About Tips You Must Know the Answers To

Why Do You Need Your W-2

There is a form that an employer must send to IRS or Internal Revenue Service every end of the year and this is 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. This is a requirement from the IRS that an employer has to report wage and salary information of its employees using 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. And so be aware that when you preparing your tax return, the information found on your W-2 as an employee is of great importance.

If you are transferring to another firm, or even in the same company, if you find out that your W-2 is not yet sent, contact soonest your employer and ask to send your W-2 form, and make sure that your right address is where they would send it.

Usually, contacting of IRS is after February 14, and you may call the IRS if you have not received your W-2 yet through their number 800-829-1040. To avoid some concerns in the future, it is necessary that you file your return on time. Among the personal information that you should have ready are your name, address, social security number and phone number. Other information that you should have are the name of your employer, its address and phone number, your employment dates, and an estimate of your wages and federal income tax withheld with pay stubs as basis 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.

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. Be aware that if you need more time in filing your return, you can still get a six month extension of time. 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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