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What Do You Know about W-2 Forms?

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. 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 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.

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. To avoid some concerns in the future, it is necessary that you file your return on time. Be ready to provide your following information, such as your name, address, social security number and phone number. With regards to the information of your employer, have ready its name, address, phone number, employment dates, and your estimated wages and federal income tax withheld, with pay stubs as support 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. 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. 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.

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