You need to be well aware of the actions required to be taken in case you do not receive a W-2 from your employer.
Annual income and taxes are reflected in the W-2 form, which is a Wage or Tax Statement. This is quite self-explanatory how important the W-2 form is in the tax season. Sometimes, employers are unable to prepare your W-2 form timely, which can freak anyone out. It sparks many concerns for obvious reasons. Taxes cannot be accurately filed, leading to penalties. If you come across such a situation, instead of panicking, try this:
Reach out your Employer
In some cases, the W-2 form is delayed or not received because of technical glitches or wrong addresses. Contacting your employer can sort out a lot of trouble both for you and for them. Firstly, talk to your employer or the HR department and request them for verification and updates on your contact information to cross-check the details. This will clarify the reason for the delay. Ask for a duplicate copy or an electronic version if your employer claims to have sent the W-2 form but you did not receive it.
Analyse your PayStubs
Another method to file your taxes without a W-2 form is to collect and assess your paystubs. Sometimes, contacting doesn’t work, and the deadline comes flashing. You have to act promptly in this case by studying your paystubs. They contain essential details like total taxes withheld and the amount of earnings annually. The paystubs can save you for the time being in taxation.
Use Form 4852 to file taxes
You can calculate your income and tax withheld through your records with the help of Form 4852. However, the refund will not be as timely for Form 4852 as compared to the W-2 form. It takes time because the information is first verified by the IRS. Also, you need to give the reason for not using the W-2 form and mention your efforts to attain it. Do not forget to attach the tax returns with it.
Notify the IRS
The next tip is to involve the IRS to get crucial information required to file taxes. This includes wage estimation and the amount of withheld taxes against your paystubs. Further, your social security number along with employers’ basic details. Contact the IRS at 1-800-829-1040 If your employer is not responding and did not give you the W-2 by February. In the first phase, your employer will be contacted by the IRS and will be asked to generate your W-2 form. If it doesn’t work, it will generate a 4852 form to aid you in filing taxes.
An Extension may be Filed
Let’s see what more you can do if the April deadline arrives and the information you have is not sufficient to fill out Form 4852. In these circumstances, you can opt to file an extension. To request it, Form 4868 is required. Any taxes owed do not get any extension; thus, it has to be cleared by the original deadlines. Hence, you have to calculate your tax liabilities to avoid penalties. However, to file tax returns, you can get a relaxation for six months if you submit Form 4868.
Follow Up
The most important thing to remember is that you cannot relax after filing your taxes. You need to follow up with your employer and try to get your W-2 as soon as possible. Form 1040-X will be used if you find any errors in your tax records after tallying it from the W-2 form. Your tax records must be updated, and the W-2 form is required even after filing the taxes with the help of the substitutes.
Awareness of Employers’ Obligation
The W-2 forms have to be generated and sent out to the employees by 31st January every year. Employers are obligated to do this by the IRS. Prompt action is required by your side if the deadline crosses and your annual earnings are $600 or more. The W-2 form has to be emailed by the employer, or they should create a protected portal to provide you access to your W-2 form.
Legal Action
The IRS fines the employer around $580 per form in case of intentional non-compliance. You must file a complaint with the Department of Labor if you suspect your employer of any fraud or if they are habitual in not providing the W-2 form. An attorney specializing in employment law can also help you in such cases.
You need to be well aware of the actions required to be taken in case you do not receive a W-2 from your employer. Tools like ThePayStubs can help keep your records updated and maintained, which includes tax withholdings. Moreover, it is essential to look for digital copies of your W-2 form on your online portal, if available.
