What Do You Know about W-2 Forms?
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. 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. 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.
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.
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. Filing one’s return on time is a very important activity to avoid concerns in the future. 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.
Note that by the end of January, your employer should be able to mail your W-2 and Wage and Tax statement, with an allowance of two weeks after mailing.
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. 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. 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.
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.