W-2: It’s on Its Way

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This year, the IRS has announced that the deadline for a company to send out W-2 documents is January 31st. The document always arrives in the January after the income was earned, although you may get it sooner because your total annual compensation can be calculated ahead of this deadline.

Apart from tax that has been withheld, this crucial document also shows your used (and unused) vacation, severance package details, and any bonuses that might be headed your way.

Make it quick

If your W2 hasn’t arrived by Valentine’s Day on February 14th, then contact the IRS at 800-829-1040. Note that you will need to provide your name and phone number, as well as Social Security number and an address for yourself, and the same details about the employer in question, along with your dates of employment.

Provided you have the correct information, receiving your W-2 should be completely painless.

Waiting on Your W-2

The W-2 is a Wage and Tax Statement document that is essential for you to include when filing your tax return.

It outlines how much tax was automatically deducted from your monthly pay, and each annual return needs a W-2 for each employer you’ve worked with before to ensure you get what’s owed to you.

Tax timing

Even though tax season starts on January 19th, the IRS has given all employers until January 31st to mail your W2 to you.

Because the document is sent via traditional post it might take a week or two to reach you, but if it doesn’t, you need to start taking steps to check that it was sent. Employers can be, unfortunately, uncooperative when it comes to sending out these documents.

Make a formal request

Before you jump to any conclusions, reach out to the employer in question and confirm your postal address with them. If they’ve emailed you the W-2, check your junk folder and comb your inbox to make sure you haven’t missed it.

You can also request that the document is resent.

Escalate the problem

If you aren’t getting the answers you need, contact the IRS directly at 800-829-1040.

You will need:

-          Your personal details, as well as your Social Security number

-          Employers details and phone number

-          Employment dates

-          An estimate of the amount withheld.

A missing W-2 shouldn’t stop you from filing your taxes. You can apply for an extension, or fill out Form 4852, which requests similar information. There may be a delay, but at least you can get your refund.

Just remember that when it arrives, you will need to amend all documents with the correct, W-2 information.

File your return online

Filing online is becoming more popular, and with good reason. The IRS says that they received 5% more returns via the web last year, as more people realize it’s easier and quicker than manual filing.

TurboTax makes it even simpler – you don’t need to have any expert knowledge to navigate the filing process. By asking easy questions about your circumstances, like marriage and new children who may have arrived, the process becomes more personalized.

This means that you’re filing your return based on the key information you need to see instead of trying to make your way through a sea of confusing, irrelevant documents. Plus, you can file from the comfort of your own home – there’s no need to stand in line when you can file online!

Update your status

You probably won’t forget major life events like marriage or the birth of a child, but you might not remember every qualifying tax transaction that you made in 2017.

Keep proof of any donations you made to charity, doctor’s bills, or other qualifying payments made in the last fiscal and calendar year to increase your chances of a healthy tax refund.