What Do You Know about W-2 Forms?

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A form called W-2 is what an employer must send to Internal Revenue Service or IRS at each end of the year. An employee’s annual wages and the amount of taxes that is withheld from his or her payroll is reported through this W-2 form. The IRS requires employers to report the wage and salary information for employees on the W-2 form. The reporting of the federal, state and other taxes that were withheld from your payroll are shown on your 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.

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. Learn more about Switched Job? Find Out How to Request a W2 From a Previous Employer,  go here.

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. 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. Find out for further details on How To Request W W-2 From Previous Employer   right here.

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 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. Take a look at this link https://en.wikipedia.org/wiki/Job  for more information.

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