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Why Do You Need Your W-2

Every end of the year, an employer must send to IRS or Internal Revenue Service a form 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. 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. Therefore know that as an employee, the information found on your W-2 is extremely significant when you prepare your tax return.

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.

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. To avoid some concerns in the future, it is necessary that you file your return on time. Make ready your information like 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.

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.

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.

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.

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