Why Do You Need Your W-2
A form called W-2 is what an employer must send to Internal Revenue Service or IRS at each end of the year. 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. 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.
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 tax return is on or before the 15ht of April which should be done on time, and if you do not have yet your W-2 on hand, to take its place you can use form 4852 in filing together with your Wage and Tax statement. It is advisable that you estimate your income and withholding taxes as accurately as you can, because take note, IRS will still verify your information that may cause delay in the processing of your tax return. .
1. Be informed that you can still get a six month extension of time if you need more time in filing. 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.