Posted in: IRS

W-2 for Filing Taxes

Form W-2 is used by employers to report wages, salary or any other compensation paid to employees. Employers have a deadline to complete W-2 for each of their employees. If the company made payments to freelancers, instead of completing a W-2, employers must file a 1099-MISC form.

The use of both forms is the same. Form W-2 is then used by employees to file their federal income tax returns. That is why there is a deadline to complete employee’s Form W-2 so they can file their taxes. Employers must file Forms W-2 before January 31st. For each W-2 remains uncompleted, the Internal Revenue Service will assess a penalty of $50.

This monetary penalty is for Forms W-2 completed within 30 days of the due date. Not completing the Forms W-2 beyond that point will bring additional monetary penalties.

How to file taxes without W-2

If your employer hasn’t issued your W-2 by the deadline, we suggest contacting the payroll department of the company or your employer. If you’re not going to receive your Form W-2, you must use Form 4852 which serves as a substitute for the wage and tax statement form.

To fill out a Form 4852, you must use your last paystub. Without it, you won’t have the correct details you need to put on Form 4852. To get the instructions and the form itself, visit read this post.

Just as how you use your W-2 to file your tax return, you will use Form 4852 the same way. The only difference between the two is that you’ll be the one who’s reporting your wage and tax statements.

Also, if you’re working for a large corporation, make sure to check your e-mail as more and more businesses are handling documents electronically. Reach out to the payroll department to know which e-mail address it was sent to. Anything other than these related to Forms W-2 about filing your taxes can be found on our front page.

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