Why Do You Need 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. 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 is requiring employers to make a report, using the form W-2, of the wage and salary information of its employees. 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.
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. 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.
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.
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. 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. 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.
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.