Figuring Out Jobs
Know the Importance of 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. The annual wages and the amount of taxes withheld from an employee’s paycheck is reported through the W-2 form. 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. It is also shown on the W-2 the amount of federal, state and other taxes that are withheld from your payroll. Thus note that in preparing your tax return as an employee, the information found on your W-2 is very important.
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.
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. 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.
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.
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. Some people may need more time in filing their returns, and so they can use a six month extension of time to do it. Those who have the intension of requesting for an extension, must file on or before the 15th of April, and use form 4868, which is an application for an automatic time extension in filing individual 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.