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. 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. 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.
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. Among the personal information that you should have ready are 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.
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. 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 informed that you can still get a six month extension of time if you need more time in filing. 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.
Notifying your previous employer of your new address is not your legal obligation, but take note that if you will not give your new address, they will send it to your prior address since they are required by law to send it to you not later than January 31, and if you do not have a mail forwarding order, you will not receive your W-2.