The W-2 Wage and Tax Statement form is not only important for the employers but for the employees as well. Although it isn’t fully necessary, all workers need their completed W-2 to file their tax returns. The information found on W-2 provides enough information for the employee to file their taxes.
If you as the employee, do not receive your completed W-2 by your employer, you can complete Form 4852 after notifying the IRS. Form 4852 will work as an alternative to the W-2 but it should be used as a last resort. Since you will still have time to file your taxes after January 31st till April 15, you should contact your employer or the payroll department of the company first. If you’re sure that you will not receive your W-2 for a while, you can either file for an extension for this reason or complete the Form 4852 by yourself.
I got my W-2, now what?
The Form 4852 will not only work as a substitute for the Form W-2 but for Forms W-2c and Form 1099-R as well. So you can use the Form 4852 to file a tax return. Once you have either the Form W-2 or the Form 4852To complete the Form 4852, you’ll need your last paystub to file income taxes. Without your paystub, you simply cannot fill out the Form 4852 accurately. In these cases, you should avoid completing a 4852 and wait for your W-2.
With the information found on your W-2, you can then start filing your federal income tax return. Make sure to double-check everything you enter on the Form 1040 as any error may result in you making corrections later on. Also, if there are any errors on the Form 1040, the IRS is likely to delay your tax refund because revisions are needed on your tax return.
If you’re an employer and late-filing your employees’ Forms W-2, learn how you can electronically file.