Know the Importance of Your W-2
Every end of the year, an employer must send to IRS or Internal Revenue Service a form 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. It is also shown on the W-2 the amount of federal, state and other taxes that are withheld from your payroll. Thus note that in preparing your tax return as an employee, the information found on your W-2 is very important.
If you are transferring to another firm, or even in the same company, if you find out that your W-2 is not yet sent, contact soonest your employer and ask to send your W-2 form, and make sure that your right address is where they would send it.
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.
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 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. 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. 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.
It is not your legal obligation to notify your previous employer if you change your address, however, bear in mind that they might send it to your prior address since they need to send it no later than 31st of January.